Hutchison, Vimpelcom to merge Italian mobile businesses
Vimpelcom and Hutchison have reached an agreement to combine their Italian mobile operations in a long-awaited deal that would bring down the number of telecom players in Europe's fourth-largest telecom market to three from four.
The proposed 50-50 joint venture, once approved by the regulators, would combine Vimpelcom’s Wind Telecommunicazioni, Italy’s third-largest mobile network operator, with the country’s fourth largest player 3 Italia.
It is expected that the deal would lead to cost savings worth more than Euro 5 billion, most of which would come from combining the two mobile networks. The new company will be valued at about Euro 21.8 billion, with Wind Telecommunicazioni’s assets being worth Euro 13.9 billion in 2014, while Hutchison’s assets valued at Euro 7.9 billion. Wind Telecommunicazioni also has substantial level of debt on its books.
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