CK Hutchison buys remaining 50pc share in Italian mobile provider Wind Tre for US$2.85 billion
Stock purchase is expected to consolidate company’s foothold in European telecoms market
The stock purchase is expected to consolidate the company’s foothold in the European telecoms market. “This is a key step in consolidating an important part of CK Hutchison’s telecom assets, which are being built into a globally relevant platform for the delivery of next-generation products and services,” the company said in a statement.
The purchase of the remaining stake in Wind Tre, one of Italy’s top three mobile providers, represents another major deal for Victor Li Tzar-kuoi, who took over the reins of CK Hutchison from his father Li Ka-shing, Hong Kong’s richest man, in May.
Victor Li, who is the conglomerate’s chairman and group co-managing director, has shown a keen interest in expanding the company his father started through acquisitions around the globe.
In June, Cheung Kong Infrastructure, a company controlled by CK Hutchison, led a consortium that made an A$13 billion (US$9.8 billion) offer for Australian gas pipeline company APA Group. The same month, CK Asset Holdings, the company’s property arm, bought 5 Broadgate, a three-year-old, grade A office tower close to Liverpool Street railway station in London for £1 billion (US$1.3 billion).