A few days after the preview revealed by Reuters and reported by Mondo3, the official announcement arrivesagreement between CK Hutchison and Vodafone for the merger of its UK operations.
Margherita Della Valle, chief executive of Vodafone Group, described the merger of Vodafone UK and Three UK as “great for customers, great for the country, and great for the competition“.
Here are the highlights of the communicated official released a few minutes ago.
Vodafone Group Plc and CK Hutchison Group Telecom Holdings Limited, a wholly owned subsidiary of CK Hutchison Holdings Limited (“CK Hutchison”), have entered into binding agreements in relation to a combination of their UK telecommunications businesses, Vodafone UK and Three respectively UK. Vodafone will own 51% of the combined business and CKHGT 49%.
The Transaction will create one of Europe’s leading 5G networks, which will be able to offer customers high-quality, innovative and affordable mobile and broadband services, supporting the UK’s economic and social growth.
The Transaction is subject to customary closing conditions, including regulatory and antitrust approvals. The Transaction is expected to be completed by the end of 2023.
Margherita Of the valleyChief Executive Officer of Vodafone Grouphe has declared: “Fusion is great for customers, great for the country, and great for the competition. It is transformative as it will create a best-in-class, indeed the best 5G network in Europe, offering customers a superior experience.”.
Canning Fok, Group Co-Managing Director di CK Hutchisonhe has declared:
“Today’s announcement is a milestone for CK Hutchison and for the UK. Together, we will have the scale to deliver a world-class 5G network for the UK, transforming mobile services for our customers and opening up new opportunities for businesses“.
Vodafone UK and Three UK have launched a microsito with more information to be updated regularly.