VimpelCom and CK Hutchison Receive EU Regulatory Approval for Joint Venture in Italy
On Sept. 1, 2016, VimpelCom and CK Hutchison received approval from EU regulators to merge their respective Wind and 3 Italia operations into a 50/50 joint venture, or JV. The deal still requires national regulatory approvals, which we don't believe will be a problem. We have already adjusted our VimpelCom model for this transaction, so our fair value estimate and no-moat rating are unchanged. We view the shares as fairly valued.While we believe the combination of the third- and fourth-largest ...
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