Vodafone announced that the UK's Competition and Markets Authority (CMA) has approved the merger of Vodafone UK and Three UK on December 5, 2024. The approval is subject to legally binding commitments on network investment, retail pricing, and wholesale terms.The merger will create a combined business with Vodafone holding a 51% stake and CK Hutchison's subsidiary CKHGT owning 49%. No cash consideration will be paid, with the companies contributing differential debt amounts to achieve the ownership split. Vodafone UK will contribute £4.3B in debt and Three UK £1.7B, subject to adjustments.The transaction is expected to generate over £700M in annual cost and capex synergies by the fifth year post-completion, with an NPV exceeding £7B. Key synergy sources include network infrastructure consolidation (40%), IT systems integration (10%), marketing and sales rationalization (40%), and G&A efficiencies (10%). Integration costs are estimated at £500M, mostly incurred in the first five years after completion.

Vodafone announced that the UK's Competition and Markets Authority (CMA) has approved the merger of Vodafone UK and Three UK on December 5, 2024. The approval is subject to legally binding commitments on network investment, retail pricing, and wholesale terms.The merger will create a combined business with Vodafone holding a 51% stake and CK Hutchison's subsidiary CKHGT owning 49%. No cash consideration will be paid, with the companies contributing differential debt amounts to achieve the ownership split. Vodafone UK will contribute £4.3B in debt and Three UK £1.7B, subject to adjustments.The transaction is expected to generate over £700M in annual cost and capex synergies by the fifth year post-completion, with an NPV exceeding £7B. Key synergy sources include network infrastructure consolidation (40%), IT systems integration (10%), marketing and sales rationalization (40%), and G&A efficiencies (10%). Integration costs are estimated at £500M, mostly incurred in the first five years after completion.