Vodafone and CK Hutchison finally unveiled the £15 billion ($19 billion) merger of their British operations, saying the creation of the country's largest mobile operator would be good for the economy
Vodafone, Britain's third-biggest mobile operator, will have an option to buy-out the Hong Kong-based conglomerate three years after completion, if it agrees.The deal will face intense scrutiny from regulators who have previously opposed deals that reduce the number of networks in major markets from four to three. Hutchison's attempt to merge with Telefonica's O2 in Britain seven years ago was blocked.
"We believe that this case stands on very strong grounds," Vodafone's Essam told reporters, adding that customers would be getting a much better network for the same price. "We're very confident on our case." Unite, one of Britain's biggest trade unions, said it would lead to higher mobile phone bills and job cuts, and questioned whether a company with close ties to China should have such a prominent place in UK telecoms infrastructure.
Vodafone said customers of both companies would enjoy better network coverage within 12 months of the deal closing, expected before the end of 2024, subject to regulatory and shareholder approval.
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