Hong Kong-based conglomerate CK Hutchison Holdings Ltd. made new commitments in its planned acquisition of the remaining 50% stake in Italian mobile operator Wind Tre SpA, changing the deadline for European Commission approval.
CK Hutchison submitted the new commitments Aug. 9, changing the provisional deadline for deal approval to Aug. 31 according to the commission's competition division. The commission did not specify details of the commitments, but Reuters reported that concessions to address antitrust concerns could include asset sales or pledges to allow competitors access to networks or services.
In July, CK Hutchison agreed to pay €2.45 billion to its partner VEON to become the sole owner of Wind Tre, which contributed about €1 billion in attributable EBITDA and about €800 million attributable EBIT towards its earnings in 2017.
Wind Tre officially began operations in January 2017 from a joint venture between Wind Telecomunicazioni SpA, the unit of VEON formerly known as VimpelCom, and CK Hutchison's 3 Italia.
CK Hutchison expects to close the deal in the third quarter of 2018.