Deals
Hutchison, VimpelCom to Merge Italy Assets in $24 Billion Deal
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CK Hutchison Holdings Ltd. and VimpelCom Ltd. agreed to combine their Italian telecommunications units in a deal valued at 21.8 billion euros ($24 billion), creating a carrier that would unseat Telecom Italia SpA as the country’s largest wireless provider by customers.
The 50-50 venture will pool the assets of 3 Italia, which is closely held by billionaire Li Ka-shing’s Hutchison, and VimpelCom’s Wind Telecomunicazioni, the companies said Thursday. Wind Chief Executive Officer Maximo Ibarra will take the same role in the enlarged entity, while 3 Italia Chief Operating Officer Dina Ravera will oversee the integration.