CK Hutchison has scrapped the sale of a majority stake in its Italian network infrastructure portfolio to Sweden's EQT Infrastructure.

In a company filing, CK Hutchison noted that conditions for the deal to proceed had not been met.

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“Conditions precedent to closing of the transaction were not satisfied,” it said.

The proposed $3.74 billion deal with EQT had been agreed in May, with the latter agreeing to take a 60 percent stake.

CK Hutchison, which owns Wind Tre, was due to keep hold the remaining 40 percent of the infrastructure company.

“EQT Infrastructure and CK Hutchison, Wind Tre’s current owner, have decided to terminate the transaction owing to conditions precedent to closing not being satisfied by an agreed longstop date of 12 February 2024,” private equity firm EQT said in a statement.

The company did add that it will "explore other alternative infrastructure transactions," but doesn't rule out a deal involving CK Hutchison in the future.

Neither company provided a specific reason for the collapse of the deal, though it's thought that Wind Tre's existing network sharing agreements with its rivals, Iliad and Fastweb, could have complicated things.

Last week, Wind Tre acquired the assets of wholesale fixed wireless access (FWA) provider OpNet in a sale worth €485 million ($520m). In a statement announcing the deal, OpNet confirmed that Wind Tre has acquired 100 percent of the company, which was formerly known as Linkem.