Vodafone, Three to merge UK mobile phone operations to capitalize on 5G rollout

By AP News

Share:

In this article

  • Loading...
  • Want to see what you should be buying? Check out our top picks.

Two of the U.K.’s biggest mobile phone operators have agreed to merge their businesses to capitalize on the rollout of next-generation 5G wireless technology in the country

Britain Vodafone

LONDON (AP) — Two of the U.K.'s biggest mobile phone operators agreed Wednesday to merge their businesses to capitalize on the rollout of next-generation 5G wireless technology in the country.

The tie-up of Vodafone U.K. and Three, which is owned by Hong Kong's CK Hutchison, will create Britain's biggest mobile phone player, with a market value of around 15 billion pounds ($18.75 billion). Vodafone will account for 51% of the merged firm, with CK Hutchison owning the rest.

The groups said the merger will help them compete with their rivals on 5G technology. Vodafone CEO Margherita Della Valle described the deal as a “game-changer” for the company's home market.

“It’s transformative as it will create a best-in-class — indeed best-in-Europe — 5G network, offering customers a superior experience," she said.

The companies said they are aiming to complete the deal by the end of 2024.

Share:

In this article:

Industries:
Information Technology
Companies:
Vodafone Group

Author: AP News

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

Sign up for Investing Intel Newsletter