Vodafone Moves to Take Full Control of VodafoneThree in £4.3 Billion Deal
Vodafone Group has agreed to acquire CK Hutchison’s remaining 49% stake in VodafoneThree for £4.3 billion, a transaction that will give the British telecom group full ownership of the United Kingdom’s largest mobile operator.
The agreement comes less than a year after Vodafone UK and Three UK completed their merger in May 2025, creating VodafoneThree. Vodafone currently owns 51% of the combined company, while CK Hutchison Group Telecom Holdings holds the remaining stake.
The transaction will be completed through the cancellation of CK Hutchison’s shares in VodafoneThree in exchange for a cash payment. It values the merged operator at approximately £13.85 billion, including debt, according to details released by the companies.
Completion is expected during the second half of 2026, subject to regulatory approvals and other customary conditions. Until then, VodafoneThree will continue operating under its existing ownership structure.
Vodafone said the decision to move to full ownership followed progress in integrating the two businesses and reflected its confidence in the long-term potential of the combined UK operation.
The deal also gives Vodafone greater control over VodafoneThree’s investment and integration strategy as the operator proceeds with a planned £11 billion network programme. The initiative aims to expand standalone 5G coverage to 99% of the UK population by 2030 and support wider upgrades to network capacity, coverage and reliability.
Vodafone expects the combination to generate around £700 million in annual cost and capital expenditure savings by the 2030 financial year, as the company consolidates infrastructure and removes overlapping operations.
VodafoneThree serves more than 27 million customers and was formed through the merger of the UK’s third- and fourth-largest mobile networks. The deal reduced the number of major mobile network operators in Britain from four to three.
The acquisition also reinforces Vodafone’s focus on its core European and African markets after the group sold or exited several operations, including businesses in Spain, Italy and the Netherlands. Once completed, the transaction will make Vodafone the sole owner of one of its most strategically important domestic assets.