Latest news with #ThreeUK
The Sun
a day ago
- Business
- The Sun
Vodafone completes £15bn mega-merger with Three to become UK's biggest phone network
VODAFONE has completed its £15billion mega-merger with rival Three UK and pledged to invest billions in infrastructure. The newly-created joint business VodafoneThree said the deal would create a 'new force in UK mobile'. It is now the biggest mobile phone network in the UK with around 27million customers. But the deal cuts the UK's four main network operators down to just three, with the new joint business competing with BT/EE and Virgin Media O2. The tie-up was first announced in 2023 but faced a probe by the competition watchdog, which was worried about the negative effect on consumers. The Competition and Markets Authority feared it could substantially reduce options for mobile customers and lead to higher bills. The CMA gave the thumbs up in December, as long as the two firms agreed to invest billions of pounds to roll out a combined 5G network across the UK. They were also told to offer shorter-term customer protections requiring the merged company to cap certain mobile tariffs for three years. VodafoneThree has pledged to invest £11billion over the next decade to help boost its 5G capability, with £1.3billion being spent this financial year. Margherita Della Valle, Vodafone group chief executive, said: 'We are now eager to kick off our network build and rapidly bring customers greater coverage and superior network quality.' Vodafone owns 51 per cent of the newly-merged company and, after three years, will have the option to buy the rest. It is headed by Vodafone UK chief Max Taylor. 3 Huawei creates world's first 'triple fold' phone with giant screen £7.1M M&S DEAL FOR BOSS STU THE boss of M&S has seen his pay packet soar to a whopping £7.1million — despite the recent cyber attack that could cost the firm £300million. CEO Stuart Machin got the bumper payout after a rise in performance-linked bonuses. 3 His total pay deal, including bonuses and benefits, leapt by 39 per cent in the year to March. The package included £4.6million of long-term performance-based bonuses, which he can't cash in for at least two years, as well as a £1.6million bonus linked to M&S's performance over the years. Mr Machin, who has been in the job since 2022, was also handed around £894,000 of fixed pay and pensions benefit for the year, and is in line for a 2 per cent pay hike this year. M&S said: 'CEO pay is decided by the board and reflects performance against stretching pre-set targets. 'More than 5,000 colleagues, including store managers, have received a bonus.' A BITTER PILL FOR THE CITY DRUG maker Indivior will be the latest big name to abandon London's stock exchange for the US. The firm, worth £1.2billion, moved its primary listing to the US Nasdaq index last year, but now plans to cancel its secondary listing in the City. The company said cancelling the London listing eliminates 'cost and complexity' and better reflects the business. Indivior, which makes prescription medicines to treat opioid addiction, generates more than 80 per cent of its revenues in the US. It is based there, and its London listing only comes from being spun out of UK consumer goods giant Reckitt. Losing another big name will be another big blow to the London Stock Exchange. Russ Mould, investment director of finance experts AJ Bell, said: 'It's another headwind for the exchange operator in trying to reinvigorate the UK stock market. 'The pressure is on to attract new names to the market and keep existing ones.' Last year, 88 companies delisted from the London Stock Exchange or transferred their primary listing. IT'S GONE PLATINUM ANGLO AMERICAN has sold off 51 per cent of its stake in South African mining firm Valterra Platinum — which has started its own share listing in London. Mining giant Anglo retains a 19.9 per cent stake in Valterra, which it plans to sell off in the future, partly in response to fighting off a £39billion hostile takeover from rival BHP. Valterra boss Craig Miller said after the de-merger: 'As an independent company with a new name, we offer an exciting investment proposition.' The production of platinum jewellery is climbing, thanks to the metal now being relatively cheap compared with gold. SAVERS in April stashed a record £14billion into cash Isas, the Bank of England reports. It is the highest amount since records began in 1999. Brits were keen to take advantage of accounts with tax-free schemes at the start of the new financial year. FACTORY DIP No7 UK manufacturing output has shrunk for the seventh consecutive month, figures show. But May's PMI index, which measures activity at factories, was less negative than April. The S&P Global UK manufacturing PMI survey showed a reading of 46.4, after 45.4 in April. A reading under 50 suggests the sector contracted. Weak demand, trade uncertainty and rising costs weigh on the sector, Lloyds Bank said. But Rob Dobson of S&P Global Market Intelligence said: 'There are signs of manufacturing turning a corner.' MONZO BONANZA PROFITS at digital bank Monzo quadrupled to £60.5million in the year to the end of March as it attracted 2.4million new customers. The UK's seventh-largest bank said deposits grew by almost half to £16.6billion and that a third of its 12million customers now use Monzo as their primary bank. It took £329million on subscription plans, which offer perks with cinema chain VUE and bakery Greggs. Monzo's chief executive TS Anil said the bank was 'just getting started'. RAISING THE ROOF PROPERTY values climbed by 3.5 per cent in the year to May, up from the 3.4 per cent annual figure recorded in April. Prices rose 0.5 per cent month-on-month in May. It comes after they slipped by 0.6 per cent in the previous month, which was blamed on a lowering of the stamp duty threshold. Last month's rise lifted the average house price to £273,427, says Nationwide Building Society.
Stuff.tv
2 days ago
- Business
- Stuff.tv
Vodafone merges with Three UK – but how much extra will it cost you?
Long in the works and now official, Vodafone has merged its UK mobile network with Three UK that will see the number of UK networks cut from 4 to 3 and a new combined company emerge, even if it seems like VodafoneThree (yes that is the name at present) will keep both brands for the time being. However, there's one big unanswered question for me – how much will mobile bills go up by? I'm currently with Three UK and have had a SIM-free contract for quite a few years meaning that I've been immune to things like post-Brexit roaming charges. And I've got unlimited data for quite a cheap rate so I think I stand to lose more than most. As part of the deal, the UK's Competition and Markets Authority (CMA) required VodafoneThree to cap 'selected mobile tariffs and data plans for three years, directly protecting large numbers of VodafoneThree customers from short-term price rises in the early years of the network plan.' Note that it doesn't say 'all tariffs and data plans'. So it remains to be seen what 'selected plans' means for bill payers like you and me, who now have fewer choices when choosing where to go for their next mobile deal. In its announcement of the £15bn deal, VodafoneThree went to lengths to say how much it will invest in its 5G capability – a whopping £11bn over the next 10 years – but it was telling that there was no mention of consumers at all. I think it's inevitable that such a deal will be bad for everyday bill payers after the initial protections end. The CMA eventually waved the deal through because of the combined company's pledge to spend that extra cash on its combined network. Price increases are surely on the way But the tone of its initial report last September was somewhat different, saying that users like you and me would lose out – in particular those who could least afford it on cheaper contracts. At the time the CMA said the deal 'would lead to price increases for tens of millions of mobile customers, or see customers get a reduced service such as smaller data packages in their contracts.' So people would essentially end up getting less data for the same amount, or paying more for the same amount of data. The CMA added that 'higher bills or reduced services would negatively affect those customers least able to afford mobile services as well as those who might have to pay more for improvements in network quality they do not value' – essentially saying that less data hungry users would still end up paying for the improvements to 5G networks. And it was also warned that the deal would adversely affect virtual networks like Lyca and Lebara running their services on VodafoneThree. '[It] would lead to a substantial lessening of competition in the UK – in both retail and wholesale mobile markets.' Not great. However, as we now know, these concerns were eventually binned, essentially saying the extra funds pledged to improve 5G networks outweigh any worries about your bill getting more expensive. Which they surely will. What should you do now if you're a Vodafone UK or Three UK customer? If you're happy and your price doesn't rise, you're probably on one of the 'selected mobile tariffs and data plans' that VodafoneThree has pledged to protect for three years. However, at that point you will need to decide what to do, and a change may be in order. If you're on a Vodafone/Three tariff where the price starts to rise ahead of the three years, it's probably time to compare your tariff with what else is out there.
Daily Mail
2 days ago
- Business
- Daily Mail
The UK's biggest ever £16.5BILLION mobile phone network is born: What it means for YOU as British arms of Three and Vodafone combine to create huge new business
Vodafone has completed its £15 billion mega-merger with Three UK creating a 'new force in UK mobile' - despite concerns it could lead to higher prices. The mobile phone giant said the merger of the UK network businesses was officially completed on May 31, nearly two years after it was first announced. VodafoneThree - now the biggest mobile phone network in the UK with around 27 million customers - pledged to invest £11 billion over the next 10 years to help boost its 5G capability, with £1.3 billion being spent this financial year, following the tie-up. Despite concluding that the merger would lead to higher prices for customers, the Competition and Markets Authority (CMA) approved the deal last December. It required the firms to make the huge investment in its network, and to cap prices of certain tariffs for at least three years. The merger now means there are now only three main phone networks in the UK: VodafoneThree, EE (owned by BT since 2016), and O2, which merged with Virgin Media in 2021. Others, such as iD Mobile, Smarty and Giffgaff, are dependent on the infrastructure provided by the now three main operators. A report by Enders Analysis published in February suggested that the merged VodafoneThree would see it hold more than half of the UK's mobile network capacity. In all, it will support 29million customers. Experts have suggested the merger is good news for the UK's mobile infrastructure, given the level of investment the firm must now make in expanding phone masts. But consumer group Which? said last year that the CMA's approval had been a 'gamble' that may not pay off. Its director of policy Rocio Concha said: 'For this merger to work for consumers, the CMA and Ofcom must rigorously monitor whether the merged company sticks to its commitments and be prepared to act decisively if it does not.' Margherita Della Valle, Vodafone group chief executive, 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. 'The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well positioned for growth ahead.' The companies first announced the landmark deal in June 2023 - in a major shake up of Britain's mobile phone sector. It was scrutinised closely by the CMA amid concerns it could substantially reduce options for mobile customers and lead to higher bills. Canning Fok, deputy chairman of Three UK owner CK Hutchison, - 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.' Vodafone owns 51% of the newly merged company and after three years will have the option to buy the rest of the merged firm. How will the VodafoneThree merger affect you? Will my bills go up, or the terms of my contract? No - at least not in the short term. Existing phone contracts will be honoured subject to the annual price rises, which are based on the retail price index (RPI) plus a percentage, which will be stated in your contract. Under the terms of the deal, the operators are required to cap the tariffs for certain mobile deals for at least three years. It must also offer preset terms to mobile virtual network operators like VOXI, Smarty and Talkmobile for the same time period. Will I have to change operator? No. Vodafone and Three will retain their separate identities - as will any mobile virtual network operators using their infrastructure. Will roaming fees or charges for international calls change?
Epoch Times
2 days ago
- Business
- Epoch Times
Vodafone Completes Three UK Mega-Merger to Form ‘New Force' in Mobile Market
Vodafone has completed its £15 billion mega-merger with Three UK in a deal creating a 'new force in UK mobile.' The mobile phone giant said the merger of the UK network businesses officially completed on May 31, nearly two years after it was first announced. VodafoneThree—now the biggest mobile phone network in the UK with around 27 million customers—pledged to invest £11 billion over the next 10 years to help boost its 5G capability, with £1.3 billion being spent this financial year, following the tie-up. Margherita Della Valle, Vodafone group chief executive, 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. 'The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well positioned for growth ahead.' Related Stories 4/19/2025 2/18/2025 The companies first announced the landmark deal in June 2023 in a major shake up of Britain's mobile phone sector. It was scrutinised closely by the Competition and Markets Authority (CMA) amid concerns it could substantially reduce options for mobile customers and lead to higher bills. But the CMA gave the green light to the deal in December last year, with conditions. It said the landmark deal could go ahead if both companies agreed to invest billions of pounds to roll out a combined 5G network across the UK, while the firms were also told to offer shorter-term customer protections requiring the merged company to cap certain mobile tariffs for three years. The firm's initial payment will allow it to 'accelerate its network deployment.' The combined group are also aiming to deliver £700 million in savings annually within five years. Canning Fok—deputy chairman of Three UK owner 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.' Vodafone owns 51 percent of the newly merged company and after three years will have the option to buy the rest of the merged firm. VodafoneThree is headed by Chief Executive Max Taylor, who currently leads Vodafone UK, with Three UK's Darren Purkisis appointed chief financial officer.
Powys County Times
2 days ago
- Business
- Powys County Times
Vodafone completes Three UK mega-merger to form ‘new force' in mobile market
Vodafone has completed its £15 billion mega-merger with Three UK in a deal creating a 'new force in UK mobile'. The mobile phone giant said the merger of the UK network businesses officially completed on May 31, nearly two years after it was first announced. VodafoneThree – now the biggest mobile phone network in the UK with around 27 million customers – pledged to invest £11 billion over the next 10 years to help boost its 5G capability, with £1.3 billion being spent this financial year, following the tie-up. We are pleased to announce the successful completion of the merger of @VodafoneUK and @ThreeUK. #VodafoneThree will deliver a vastly superior mobile experience for millions of customers and businesses up and down the country. — Vodafone Group (@VodafoneGroup) June 2, 2025 Margherita Della Valle, Vodafone group chief executive, 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. 'The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well positioned for growth ahead.' The companies first announced the landmark deal in June 2023 – in a major shake up of Britain's mobile phone sector. It was scrutinised closely by the Competition and Markets Authority (CMA) amid concerns it could substantially reduce options for mobile customers and lead to higher bills. 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 (@CMAgovUK) December 5, 2024 But the CMA gave the green light to the deal in December last year, with conditions. It said the landmark deal could go ahead if both companies agreed to invest billions of pounds to roll out a combined 5G network across the UK, while the firms were also told to offer shorter-term customer protections requiring the merged company to cap certain mobile tariffs for three years. The firm's initial payment will allow it to 'accelerate its network deployment'. The combined group are also aiming to deliver £700 million in savings annually within five years. Canning Fok – deputy chairman of Three UK owner 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.' Vodafone owns 51% of the newly merged company and after three years will have the option to buy the rest of the merged firm.
