3G Sponsored by NetTest

 

 

Cirtel Sell Stake in H3G Italia

24th December, 2004

Europe : Hutchison 3G Italy Investments S.à r.l. ("Hutchison"), a subsidiary of Hutchison Whampoa Limited ("HWL"), entered into an agreement to purchase from CIRtel International S.A. ("Cirtel"):

1. Cirtel's entire shareholding in Hutchison 3G Italia S.p.A. ("Hutchison 3G Italia");

2. All of Cirtel's rights to receive repayment of loans made by Cirtel to Hutchison 3G Italia,

for a total purchase price of €469,555,274.

The purchase is to conclude today, December 23, 2004.

Hutchison will capitalise the principal amount of the loans and accrued interest at the earliest opportunity.

HWL Group Managing Director Canning Fok commented, "We are pleased to take this opportunity to increase our interest in Hutchison 3G Italia, which under our 3 brand reached a customer base of two million customers at 25 November and has exceeded 2.6 million today."

Home ProZone Subscribe To Newsletter 3G Forum