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VimpelCom, Hutchison receive final approval for Italian JV worth €7.9 bln

October 25, 2016, 10:47 UTC+3 MOSCOW

Italy's Economic Development Ministry has approved the 50/50 joint venture to merge the mobile businesses of 3 Italia S.p.A (owned by Hutchison) and Wind Telecomunicazioni S.p.A. (owned by VimpelCom)

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MOSCOW, October 25. /TASS/. VimpelCom Ltd. and CK Hutchison Holdings Ltd. have received final approval from the Italian Ministry of Economic Development for their 50/50 joint venture to merge the mobile businesses of 3 Italia S.p.A (owned by Hutchison) and Wind Telecomunicazioni S.p.A. (owned by VimpelCom), VimpelCom said in a press release on Tuesday.

The transaction is estimated at €7.9 bln, the expected profit is €700 mln per year.

"Hutchison and VimpelCom welcome the approval, which means that the transaction remains on track to complete by the end of the year. The combined entity will deliver major investment into Italy’s digital infrastructure, bring benefits to consumers and businesses across Italy and unlock significant value through synergies," the report said.

Earlier, the joint venture received approval from the European Commission (EC).

VimpelCom is an international telecommunication company providing services under the Beeline, Kyivstar, Djuice, Wind, Infostrada, Mobilink, Leo, Banglalink and Telecel brands.

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