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CK Hutch, Iliad Considering Tie-Up of Italian Operations
October 31, 2025
CK Hutchison is exploring a potential merger between its Italian telecom unit Wind Tre and Iliad’s Italian operations, according to sources. The talks are at an early stage and could lead to a joint venture or Wind Tre potentially acquiring Iliad Italia, with Iliad’s owner Xavier Niel receiving shares in a future listed entity of CK Hutchison’s European telecom assets. The deal could reduce Italy’s mobile operators from four to three, raising potential regulatory and political hurdles, as EU antitrust rules currently bar Wind Tre from acquiring Iliad before 2026. Wind Tre is the third largest mobile network operator in Italy holding a 24% market share, while Iliad holds 11% market share. Iliad’s Italian unit could be valued at more than €3bn ($3.5bn) on a standalone basis, the sources added. Iliad separately failed to clinch a deal to combine its Italian operations with Telecom Italia earlier this year after it had sought to buy Vodafone’s operations in 2024. CK Hutchison’s telecom arm, its most profitable division, contributes about 25% of group operating profit, with Italy and the UK as key markets.
CK Hutchison’s bonds traded stable with its 4.75% 2034s at 100.6, yielding 4.67%
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