The £16bn merger of Three and Vodafone‘s UK operations has been completed, with the combined business now operating under the name VodafoneThree.
Approval for the deal was given by the UK’s competition authorities last December.
Max Taylor, who currently leads Vodafone UK, will serve as Chief Executive Officer of the new business which is 51% owned by Vodafone and 49% by CK Hutchison Group Telecom Holdings Limited. Three UK’s Darren Purkis has been appointed Chief Financial Officer.
The business says it will invest £11 billion over the next 10 years to create “one of Europe’s most advanced 5G networks,” including a 5G Standalone network.
Margherita Della Valle, Vodafone Group Chief Executive, said: “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.
“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.”
Canning Fok, Deputy Chairman of CK Hutchison and Executive Chairman of CKHGT, said: “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.
“In addition, this transaction unlocks significant shareholder value, returning approximately £1.3 billion in net cash to the Group.”