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3 Italy delays its IPO

December 15, 2005
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Hutchison Whampoa-owned 3 Italy has delayed its planned year-end IPO until the first quarter of 2006. The delay is thought to be caused by a difference in the market valuation of 3 Italy and the company's own valuation, understood to be in the range of Euro 15-18 billion ($17.5-21 billion), compared to market estimates of Euro 8-12 billion. Meanwhile, 3 Italy has announced an agreement for the acquisition of Channel 7, which holds a network licence for national digital TV distribution on terrestrial frequencies, with the intention of launching a DVB-H offering in the second half of 2006.

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