Exclusive: Sources Indicate CK Hutchison and Iliad are Exploring Merger of Their Italian Businesses

Written by Emily J. Thompson, Senior Investment Analyst

Source: Reuters

Updated: Oct 30 2025

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Source: Reuters

Potential Telecom Merger: CK Hutchison is exploring a merger between its Italian telecom unit Wind Tre and Iliad's Italian operations, aiming to consolidate the competitive telecom market in Italy.
Market Impact: A successful deal could reduce the number of mobile operators in Italy from four to three, potentially facing regulatory and political scrutiny due to the competitive nature of the market.
Valuation Insights: Iliad's Italian unit is valued at over 3 billion euros, and discussions may lead to a joint venture or Wind Tre acquiring Iliad's operations, possibly compensating with shares in CK Hutchison's future telecom entity.
Regulatory Constraints: Previous EU antitrust conditions from CK Hutchison's merger in 2016 restrict Wind Tre from acquiring Iliad until at least 2026, complicating potential merger discussions.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.