VimpelCom and CK Hutchison have announced the completion of the transaction to combine their respective businesses in Italy, Wind Telecomunicazioni and 3 Italia. The two Italian firms are now under the joint control of the parent companies. More details of how the EUR21.8 billion (USD24.7 billion) merger will progress going forward are due to be released tomorrow (8 November). The combination of Wind and 3 has created Italy’s largest mobile operator, with over 31 million subscribers, while Wind also brings around 2.7 million fixed broadband customers.
Jean-Yves Charlier, Chief Executive Officer of VimpelCom, commented: ‘Customers will see real benefits in terms of call quality and strengthened data services as soon as 2017, as the two companies integrate their networks and combine their engineering prowess. The new company looks forward to delivering on the EUR700 million run-rate of annualized Opex and Capex synergies that the transaction will bring.’