Vodafone to Acquire Full Ownership of VodafoneThree in $5.4 bn Deal to Accelerate UK 5G Expansion

Vodafone Group has agreed to buy out CK Hutchison Group Telecom Holdings from their joint venture, securing full ownership of VodafoneThree in a £4.3 billion ($5.4 billion) transaction. The deal, structured through a share cancellation, will transform Vodafone into the sole owner of the UK’s largest mobile operator, strengthening its position in both 5G and broadband markets.

VodafoneThree mobile network
VodafoneThree mobile network

Following the 2025 merger of Vodafone UK and Three UK, the combined entity has delivered early gains in network quality, coverage, and customer experience. Vodafone highlighted improved retention at the Three brand and successful cross-selling of services such as fixed wireless access and home broadband to its expanded mobile base.

The acquisition is expected to unlock £700 million in annual cost and capex synergies by FY30, reinforcing Vodafone’s strategy to build one of Europe’s leading telecom networks. The transaction values VodafoneThree at £13.85 billion and will increase Vodafone’s net debt to Adjusted EBITDAaL by 0.4x. Vodafone plans to fund the deal through existing cash reserves.

CEO Margherita Della Valle emphasized that full ownership will enable faster execution of network investments and digital infrastructure upgrades, particularly in advancing one of Europe’s most advanced 5G networks. Max Taylor will continue to lead VodafoneThree, maintaining its multi-brand strategy.

The deal remains subject to approval under the UK National Security and Investment Act and is expected to close in the second half of 2026.

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