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Vodafone Group Plc and Hutchison 3G U.K. (Three U.K.) have announced a monumental £15 billion ($19 billion) merger set to reshape the United Kingdom's 5G landscape. The telecommunications giants envision their combined force fostering fresh investments and fierce competition in the fast-evolving 5G arena.
Vodafone and Three U.K., a subsidiary of CK Hutchison Holdings, announced their merger agreement for British business operations on Wednesday, June 14. The companies said they believed their partnership would create a new leader in the 5G market that will help step up competition while also attracting fresh investments in the sector.
According to Reuters, the deal between Vodafone and Three U.K. was somehow expected already because they disclosed having business talks as early as October of last year. It was suggested that it took them a long time to finalize anything as they encountered prolonged scrutiny by competition regulators looking into the deal to see if having a single network operator that will provide service to 27 million customers could result in higher mobile service rates.
To convince officials, competition regulators, and other groups, the companies said they will invest billions to build one of the most advanced independent 5G networks. Vodafone's chief further called the merger a "game changer" in the U.K. market. The executive added that this is certainly good news to subscribers in the country.
"The merger is great for customers, great for the country and great for competition. It is transformative as it will create a best-in-class - indeed best in Europe - 5G network, offering customers a superior experience," Vodafone Group's CEO, Margherita Della Valle, said in a press release. "As a country, the U.K. will benefit from the creation of a sustainable, strongly competitive third scaled operator - driving growth, employment, and innovation."
CK Hutchinson Group's co-managing director, Canning Fok, added, "Today's announcement is a major milestone for CK Hutchison and for the U.K. This has long been a challenge for Three U.K.'s ability to invest and compete and together, we will have the scale needed to deliver a best-in-class 5G network for the U.K."
Photo by: Vodafone Press Release
