CK Hutchison Holdings Ltd. has agreed to acquire VEON's 50% stake in Wind Tre SpA for €2.45 billion.

CK Hutchison will fully own the Italian mobile operator upon completion of the deal.

Wind Tre officially began operations in January 2017 from the joint venture between Wind Telecomunicazioni SpA, the unit of VEON formerly known as VimpelCom, and CK Hutchison's 3 Italia.

CK Hutchison currently owns a 50% stake in Wind Tre. In 2017, the ownership contributed about €1 billion attributable EBITDA and about €800 million attributable EBIT to the Hong Kong-headquartered company.

The deal remains subject to regulatory approvals in the European Union and Italy and is expected to close in the third quarter of 2018.