Vodafone, CK Hutchison complete UK merger

VodafoneThree will invest t $116.7b in 5G over 10 years.

Vodafone Group Plc and CK Hutchison Group Telecom Holdings Limited have officially completed the merger of Vodafone UK and Three UK, creating a new telecom giant called VodafoneThree. The deal was completed on 31 May 2025.

Vodafone now owns 51% of the new company, whilst CK Hutchison, the owner of Three UK, holds 49%.

The new business will be fully consolidated into Vodafone’s financial reporting, with Max Taylor, currently CEO of Vodafone UK, appointed as chief executive officer. Darren Purkis, formerly of Three UK, will serve as chief financial officer.

VodafoneThree plans to invest $116.7b (£11b) over the next 10 years, with $13.8b (£1.3b) in capital spending in the first year to speed up its 5G rollout across the UK.

The merger is expected to deliver $7.4b (£700m) a year in cost and capex savings by year five. Vodafone says the deal will start boosting its free cash flow from fiscal year 2029.

Vodafone Group CEO Margherita Della Valle said the deal reshapes the UK mobile market and puts the country at the forefront of European 5G development.

Additionally, CK Hutchison’s Canning Fok said the merger brings the scale needed to invest in top-tier networks and will return $13.8b (£1.3b) in net cash to CK Hutchison.

Pro forma financial details will follow once full alignment with Vodafone’s accounting policies is complete.