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Italy: Hutch, VimpelCom complete $7bn merger

By  |  November 7, 2016

CK Hutchison and VimpelCom closed their deal to merge their local units in Italy, in a tie-up that creates the country’s largest operator.

In a statement, the companies said Hutchison’s 3 Italia and VimpelCom’s Wind are now formally under the joint ownership of both groups, sealing a joint venture deal that was first announced in August 2015.

The merger, one of the largest in Italy since 2007, was on track to complete after receiving final approval from the ministry of economic development in Italy last month.

It was also subject to a rigorous approval process at European level, with the European Commission eventually giving the nod to the merger in September.

Key to the approval was the two companies’ commitment to sell assets to newcomer Iliad. The French company inked a contract with Hutch and VimpelCom in July that will see it enter the Italian market as the country’s fourth operator.

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