CK Hutchison Cancels Sale of €3.4 Billion Italian Network Unit [BNN Bloomberg (Canada)]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
NASDAQ:AMEX Investor Relations:
ckh.com.hk/en/ir
Company Research
Source: BNN Bloomberg
“Conditions precedent to closing of the transaction were not satisfied,” CK Hutchison said in a company filing on Tuesday. CK Hutchison operates Wind Tre SpA in Italy, the country's third largest mobile carrier. The deal had set an enterprise value for the network company of €3.4 billion (€3.7 billion). Italy is one of the most competitive telecom markets in Europe, in part because of Iliad SA, which moved into the country in 2018 offering cheaper, no-frills mobile plans that sparked a price war. Last year, the former mobile monopoly Telecom Italia SpA sold its landline network to the US private equity firm KKR & Co. in a monster deal that valued the grid at as much as €22 billion. Read More: CK Hutch Set to Get €3 Billion From EQT's Italy Network Deal ©2024 Bloomberg L.P. FAANG stocks
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