The two companies reportedly began discussions about merging their businesses into a joint venture in May 2015.
If successful, the deal would combine VimpelCom’s Wind with Hutchison’s 3 Italia, making it a strong competitor against the likes of Vodafone and Telecom Italia.
In the release of its Q2 results, VimpelCom reported a sharp decline in its revenues as a result of currency fluctuations.
The company, co-owned by Russian billionaire Mikhail Fridman and Norway’s Telenor, said it is still on track to meet its 2015 targets and aims to increase cash flow.
Its Q2 EBITDA margin fell to 40.2% from 41% a year ago. In addition the operator reduced capital expenditure by 34% to $674 million in the quarter.
