Hong Kong based CK Hutchison is set to take over Italy based Wind Tre from Amsterdam based Veon for €2.45 billion ($2.85 billion) for 50% of the shares. CK Hutchison already owns the remaining 50% of Wind Tre. CK Hutchison was formed through the €20bn ($ 23.28 billion) merger in 2016 of VimpelCom’s Wind Telecomunicazioni and CK Hutchison’s 3 Italia.
Although CK Hutchison’s attempted acquisition of the UK’s 02 mobile network in 2016 was denied by Europe’s competition commissioner, CK Hutchison owns telecom assets across Europe and Asia. Not only telecom but CK Hutchison also has stakes in ports, infrastructure and energy assets around the world and is a major investor in the UK with holdings in Northumbrian Water Group and UK Power Networks
Subject to regulatory approvals, the transaction is expected to close in the third quarter of this year.
According to a statement from the company:
“This is a key step in consolidating an important part of CK Hutchison’s telecom assets, which are being built into a globally relevant platform for the delivery of next generation products and services.”
About CK Hutchison
Founded in 2014, CK Hutchison operates in ports and related services, retail, infrastructure, energy, and telecommunications businesses worldwide. Headquartered in Hong Kong, CK Hutchison invests in, develops, and operates ports, which operate 287 berths in 52 ports spanning 26 countries throughout Asia, the Middle East, Africa, Europe, the Americas, and Australasia; and provides logistics and transportation-related services, including cruise ship terminals, airport operations, distribution centers, rail services, and ship repair facilities.
About Wind Tre
Headquartered in Italy, Wind Tre operates as a telecommunication company and offers internet access, mobile data, messaging, mobile voice and other telecommunication services.