Hutchison buys all 3G Italia stack
December 23, 2004
Hutchison 3G Italy, a subsidiary of Hong Kong telecom giant Hutchison Whampoa pay Italian wireless partner Cirtel 469.5 million euros on Thursday to settle a loan dispute. Cirtel's parent CIR granted a 373.3 million euro loan to Hutchison 3G Italia in Nov 2000.
An arbitration court ruled on Thursday that Hutchison had to repay the debt with interest as well as buy back Cirtel's 1.6 percent stake in Hutchison 3G Italia.
Canning Fok, Managing Director of Hutchison Whampoa, kept a bright face by commenting, "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."
Hutchison have 3G networks in Italy, UK, Australia, Hong Kong and a number of other markets.
The company has 6.3 million subscribers at present.
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