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Italy's Wind merges with 3 Italia

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Italy's Wind merges with 3 Italia
The merged company will create a group creating a group with 31 million mobile phone clients. Photo: Luigi Rosa
08:26 CEST+02:00
Two Italian telecommunications companies, Wind and 3 Italia, announced their merger on Thursday, creating a group with 31 million mobile phone clients and revenues over €6 billion.

CK Hutchinson Holding Limited, the parent company of 3 Italia, and VimpelCom, the owner of Wind, said they had reached an agreement for a joint venture which will be operated on an equal basis and be comprised of their activities in Italy.

"Wind and 3 Italia are going to acquire through the integration of their activities the size and the necessary efficiency to continue to offer services at competitive prices," the groups said in a statement.

The combined revenues of the two telecom companies was €6.4 billion in 2014, the statement added.

Besides mobile customers, they will also serve 2.8 billion fixed telephones.

"The union of 3 Italia and Wind is going to create a financially solid and efficient operator, capable of competing at a high level in the market," said Cannig Fok, a senior executive at CK Hutchinson.

The merged firm will have a board of directors with three members from each company, with the chairman changing every 18 months.

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