Vodafone and Three have completed a merger to create ‘VodafoneThree’, the UK’s largest mobile provider serving almost 30 million customers.
The new combined business is 51% owned by Vodafone and 49% by CK Hutchison Group Telecom Holdings, the parent company of Three.
VodafoneThree will be run by Max Taylor, currently serving as the UK chief executive of Vodafone. Three UK’s Darren Purkis has been appointed as CFO.
“The merger will create a new force in UK mobile, transform the country’s digital infrastructure and propel the UK to the forefront of European connectivity,” said Vodafone group chief executive Margherita Della Valle.
“We are now eager to kick-off our network build and rapidly bring customers greater coverage and superior network quality.
“The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well-positioned for growth ahead.”
The merged entity said it will invest £11bn over the next decade to create “one of Europe’s most advanced 5G networks”.
The company will invest £1.3bn in the first year to enable network deployment.
“As we have demonstrated in other European markets, scale enables the significant investment needed to deliver the world-beating mobile networks our customers expect, and the Vodafone and Three merger provides that scale,” added Canning Fok, deputy chairman of CKHGT.
“In addition, this transaction unlocks significant shareholder value, returning approximately £1.3bn in net cash to the group.”
The merger was approved by regulators last December.
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