(Yicai Global) July 4 -- CK Hutchison Holdings, founded by billionaire Li Ka-shing, will pay EUR2.5 billion (USD2.9 billion) to take a remaining 50% stake in Italian telecom giant Wind Tre, further consolidating the Hong Kong conglomerate's holdings in the European mobile operating sector.

The deal will make CK Hutchison the sole owner of Wind Tre, which was established after the 2016 merger of VimpelCom's Wind Telecom and CK Hutchison's 3 Italia.

The transaction is a key step in CK Hutchison's plans to build a global platform for the delivery of next-generation communication products and services, a representative of the company said.

The transaction remains subject to regulatory approval and is expected to close in the third quarter of this year.

Editor: William Clegg