Deals
CK to Buy Veon Out of Italy Telecom Venture for $2.9 Billion
- Veon, formerly known as Vimpelcom, to sell 50% stake
- Deal is latest major purchase in two months by CK Chairman Li
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CK Hutchison Holdings Ltd. is taking full control of its Italian mobile phone joint venture for 2.45 billion euros ($2.9 billion), in Chairman Victor Li’s third major deal in the two months since he took over as head of the Hong Kong conglomerate.
CK will buy the remaining 50 percent stake of Wind Tre SpA from Veon Ltd., the companies said on Tuesday in a statement. The cash transaction requires regulatory approval and is expected to close in the third quarter or early in the fourth, Veon said.