Hutchison Whampoa’s 3 Italia is in the final stages of merger discussions with Italy’s third-largest operator Wind, according to multiple media reports.
The companies’ shareholders reportedly met at Deutsche Bank’s London office yesterday to…
Hutchison Whampoa’s 3 Italia is in the final stages of merger discussions with Italy’s third-largest operator Wind, according to multiple media reports.
The companies’ shareholders reportedly met at Deutsche Bank’s London office yesterday to close a deal, which could be announced as early as today.
Last October, Wind’s parent Vimpelcom, which is partly-owned by Russian billionaire Mikhail Fridman, said that it had failed to reach an agreement regarding a potential 50:50 joint venture in Italy, adding that it might not be able to identify a deal “on terms acceptable to the company”.
Rumours of a merger between Wind, which is trying to reduce its €10bn debt burden, and smaller rival 3 Italia emerged a couple of years ago, although the two companies have never confirmed they were negotiating a deal.
Last June, media reports suggested that VimpelCom had hired Morgan Stanley for advice on a potential tie-up, while 3 Italia had appointed Goldman Sachs.
Hutchison, which is owned by Hong Kong billionaire Li Ka-shing, first entered the mobile telecoms market in 1983 and its 3 Group Europe now operates in the UK, Sweden, Denmark, Austria, Italy and Ireland.
