Latest news with #MaxTaylor
Mint
3 days ago
- Business
- Mint
Vodafone finalises merger with Three UK, to invest £11 billion over next 10 years
Vodafone UK has completed its merger with Three UK on May 31, 2025. The combined entity will be known as VodafoneThree, with 51% stake owned by Vodafone. Taking to the social media platform X, Vodafone Group informed, 'We are pleased to announce the successful completion of the merger of @VodafoneUK and @ThreeUK.' VodafoneThree aims to 'deliver a vastly superior mobile experience for millions of customers and businesses up and down the country,' the post stated. VodafoneThree plans to invest £11 billion over the next 10 years, Vodafone Group Plc and CK Hutchison Group Telecom Holdings Limited informed in a joint statement on Monday, June 2, 2025. Vodafone will fully consolidate VodafoneThree in its financial results, while Max Taylor, currently leading Vodafone UK, will serve as the Chief Executive Officer. Darren Purkis of Three UK has been appointed as Chief Financial Officer. The company plans to invest £1.3 billion in capex, particularly to increase network deployment. The combined entity is anticipated to generate cost and capex synergies of £700 million annually by the fifth year, and the transaction is expected to improve the adjusted free cash flow of Vodafone from FY29 onwards, the statement said. The deal was first announced in June 2023 and received the clearance of the Competition & Markets Authority, the UK's primary competition regulator on December 5, 2024. 'We've cleared #Vodafone's merger with #Three, subject to the companies agreeing to legally binding commitments, including to invest billions in rolling out a combined #5G network across the UK. This would ensure the merger boosts competition in UK mobile #telecoms,' Competition & Markets Authority informed on X. Margherita Della Valle, Vodafone Group Chief Executive, believes that the merger aims to improve network connectivity in the UK and reshape Vodafone's presence in Europe. 'The merger will create a new force in UK mobile, transform the country's digital infrastructure and propel the UK to the forefront of European connectivity," Valle said. 'The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well-positioned for growth ahead," she added. Speaking on the merger, Canning Fok, Deputy Chairman of CK Hutchison and Executive Chairman of CKHGT, said, "scale enables the significant investment needed to deliver the world-beating mobile networks our customers expect, and the Vodafone and Three merger provides that scale.
Daily Mail
4 days ago
- Business
- Daily Mail
Vodafone and Three complete £16.5bn UK mobile megadeal
Vodafone and Three have completed the £16.5billion tie-up of their British operations, creating the UK's biggest mobile phone network. The enlarged business, named VodafoneThree, is 51 per cent owned by Vodafone, with the remaining 49 per cent held by CK Hutchison, the Hong Kong-based parent company of Three. It intends to invest £11billion over the coming decade creating one of Europe's most advanced 5G mobile networks, including £1.3billion in the first year. The combined group additionally hopes to deliver £700million of annual cost and capital expenditure synergies within five years. Vodafone UK's current boss, Max Taylor, is the new company's chief executive, while Three UK's Darren Purkis is chief financial officer. The mega-merger was initially agreed two years ago and given the green light by the Competition & Markets Authority last December. However, competition regulators insisted that both firms invest billions in the UK's 5G network and cap prices on their lowest-cost mobile plans for three years. For the same period, they also require Vodafone and Three to offer pre-set prices and contract terms for wholesale services to virtual network providers, including Giffgaff and Sky Mobile. Critics of the transaction, which reduced the number of UK mobile phone operators to three, have expressed concern that it will lead to poorer service and higher prices for customers. Margherita Della Valle, chief executive of Vodafone Group, said: 'The merger will create a new force in UK mobile, transform the country's digital infrastructure and propel the UK to the forefront of European connectivity. 'We are now eager to kick-off our network build and rapidly bring customers greater coverage and superior network quality.' Under Della Valle, the Newbury-based firm has undergone a massive transformation, particularly in Europe, to help slash its debt pile and streamline operations. It has offloaded its Spanish, Hungarian, and Italian divisions, as well as holdings in Indus Towers and Oak Holdings, the partnership that co-owns phone masts provider Vantage Towers. In the company's latest annual results covering the 12 months ending March 2025, its net debt slumped by more than €10billion to €22.4billion even though it reported a £346million operating loss, compared to a £3.1billion profit the prior year. Yet the FTSE 100 business said its net debts are set to rise by £1.7billion following the Three merger. Vodafone Group shares were 0.4 per cent down at 76.6p on Monday morning but have still risen by around 11 per cent over the past year.
The Independent
4 days ago
- Business
- The Independent
Changes to Vodafone and Three as Britain's biggest mobile network created
Vodafone has finalised its £15 billion merger with Three UK on May 31, creating the UK's largest mobile phone Network with approximately 27 million customers. VodafoneThree has committed to investing £11 billion over the next decade to enhance its 5G capabilities, with £1.3 billion to be invested this financial year. Vodafone Group CEO Margherita Della Valle stated the merger will transform the UK's digital infrastructure and propel the UK to the forefront of European connectivity. The CMA approved the deal in December last year, subject to conditions including investments in a combined 5G Network and customer protections such as capped mobile tariffs for Three years. Vodafone owns 51% of the merged company and has the option to buy the rest after Three years; Max Taylor is the CEO of VodafoneThree, and Darren Purkisis is the CFO.
