CK Hutchison Holdings Ltd said on Tuesday Italian authorities had approved its formation of a joint venture with VimpelCom Ltd to own and operate mobile telecommunications businesses in Italy.
The venture will be equally owned by Hutchison’s 3 Italia and VimpelCom’s WIND Acquisition Holdings Finance, and the deal is expected to be completed by the end of December, the conglomerate said in a filing to the Hong Kong bourse.
Earlier in September, the EU approved the 21.8 billion euros ($24.56 billion) deal combining Hutchison’s 3 Italia with VimpelCom’s Wind, putting them in a better position to compete with rivals Telecom Italia and Vodafone Italia, part of Vodafone Group. (Reporting by Donny Kwok; Editing by Stephen Coates).
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Source: Reuters.com
