HONG KONG and AMSTERDAM, Oct. 25, 2016 /PRNewswire/ -- CK Hutchison Holdings Ltd. ("CK Hutchison"), parent company of Italian mobile operator 3 Italia, and VimpelCom Ltd. ("VimpelCom"), parent company of WIND, confirm that they have received final approval from the Ministry of Economic Development (Ministero dello Sviluppo Economico or MISE) in Italy for their 50/50 joint venture to merge the mobile businesses of 3 Italia S.p.A and WIND Telecomunicazioni S.p.A. ("WIND").
CK Hutchison and VimpelCom welcome the approval, which means that the transaction remains on track to complete by the end of the year. The combined entity will deliver major investment into Italy's digital infrastructure, bring benefits to consumers and businesses across Italy and unlock significant value through synergies.
This release contains "forward-looking statements", as the phrase is defined in Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Forward-looking statements are not historical facts, and include statements regarding the joint venture described above and the expected timing, benefits and completion of such joint venture. The forward-looking statements included in this press release are based on management's best assessment of VimpelCom's strategic and financial position and of future market conditions, trends and other potential developments. Forward-looking statements involve inherent risks, uncertainties and assumptions, including, without limitation, the expected benefits of the joint venture may not materialize as expected or at all, and the possibility that the joint venture described above will not be completed. If such risks or uncertainties materialize or such assumptions prove incorrect, actual results could differ materially from those expressed or implied by such forward-looking statements or assumptions. Certain other factors that could cause actual results to differ materially from those discussed in any forward-looking statements include the risk factors described in VimpelCom's Annual Report on Form 20-F for the year ended December 31, 2015 and other public filings made by VimpelCom with the SEC. The forward-looking statements included in this press release are made only as of the date hereof, and VimpelCom disclaims any obligation to update them or to announce publicly any revision to any of the forward-looking statements contained in this press release, or to make corrections to reflect future events or developments.
VimpelCom (NASDAQ: VIP) is an international communications and technology company, headquartered in Amsterdam, and driven by a vision to unlock new opportunities for customers as they navigate the digital world. Present in some of the world's most dynamic markets, VimpelCom provides more than 200 million customers with voice, fixed broadband, data and digital services. VimpelCom's heritage as a pioneer in technology is the driving force behind a major transformation focused on bringing the digital world to each and every customer. VimpelCom offers services to customers in 14 markets including Russia, Italy, Algeria, Pakistan, Uzbekistan, Kazakhstan, Ukraine, Bangladesh, Kyrgyzstan, Tajikistan, Armenia, Georgia, Laos, and Zimbabwe. VimpelCom, whose licenses cover 10% of the world's population, operates under the "Beeline", "WIND", "Djezzy", "Mobilink", "Kyivstar", "banglalink" and "Telecel" brands. Follow us on Twitter @VimpelCom, visit our blog @ blog.vimpelcom.com or website @ http://www.vimpelcom.com.
About CK Hutchison
CK Hutchison is a multi-national conglomerate headquartered in Hong Kong and listed on the Hong Kong Stock Exchange Limited with 270,000 employees in over 50 countries. CK Hutchison has five core businesses: ports and related services, retail, infrastructure, energy and telecommunications. The telecommunications division includes mobile and fixed line operations in Hong Kong and Macau, mobile operations in Indonesia, Vietnam and Sri Lanka, and in Europe, mobile operations in Austria, Denmark, Ireland, Italy, Sweden and the United Kingdom. For more information visit: www.ckh.com.hk
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SOURCE VimpelCom Ltd.