Latest news with #mobilenetwork
The Sun
4 days 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.
Daily Mail
5 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.
Telegraph
5 days ago
- Business
- Telegraph
Vodafone and Three merge to become Britain's biggest mobile network
Vodafone and Three have vowed to improve Britain's patchy 5G coverage after completing their long-awaited £15bn mega-merger. The two companies said they have closed the deal to create VodafoneThree, which is now the UK's largest mobile network operator with around 27m customers. Bosses said VodafoneThree will invest £11bn over the next decade to create one of Europe's most advanced 5G networks. This includes a £1.3bn capital expenditure pledge in the first year. 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. The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well-positioned for growth ahead.' It comes two years after Vodafone and Three owner CK Hutchison, which is owned by the Hong Kong billionaire Li Ka-Shing, first announced plans to merge their UK operations. The deal has been held up by a lengthy regulatory process amid concerns reducing the number of UK mobile network operators from four to three would push up prices for consumers. Unions and China-sceptic MPs also raised concerns about granting Hong Kong-based CK Hutchison access to critical national infrastructure and sensitive government contracts. However, the deal passed a national security review and in December the Competition and Markets Authority gave the green light to the merger. Vodafone and Three have made a number of legally binding commitments, including the £11bn investment pledge and guarantees around some consumer tariffs. More recently, the launch has been delayed by negotiations between Vodafone and CK Hutchison over the terms of the deal. The newly merged company will be 51pc owned by Vodafone, while Three will hold the remaining 49pc. Vodafone has an option to buy out Three's stake after three years. It will be led by Max Taylor, current chief executive of Vodafone UK, while Three's Darren Purkis has been appointed chief financial officer. Bosses said the combined company was expected to deliver cost savings of around £700m per year, unlocking more money for network investment. VodafoneThree's net debt is expected to be £6bn. The parent companies have agreed to contribute £800m of equity to support working capital requirements. Canning Fok, deputy chairman of CK Hutchison, said: 'As we have demonstrated in other European markets, 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. 'In addition, this transaction unlocks significant shareholder value, returning approximately £1.3bn in net cash to the group.'
Yahoo
5 days ago
- Business
- Yahoo
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.' 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% 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. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
10-05-2025
- Business
- Yahoo
Meet the top-rated mobile network that cuts your bill every month
'No one loves their mobile network,' thought Andy Aitken, co-founder of challenger network Honest Mobile. 'But we figured in a moment of pure naivety, how hard could it be? What if we could build a mobile network that people liked? That was the bar we were aiming for.' First, though, to the pub where Aitken met school friend Josh Mihill and the idea conceived for their telecoms business, one which would aim to stamp out confusing contracts, annual price hikes, poor coverage and service. Honest Mobile launched in 2019 and is billed as the UK's first B Corp and carbon-negative mobile network. The London-based firm, which offers competitive sim only deals, currently has nearly 25,000 customers and is aiming for a bold 100,000 by the end of the year. Read More: Impossibrew CEO says Dragons' Den failure sparked alcohol-free brand's rise 'Everyone has a mobile, pretty much, people are used to paying for it and people are unhappy,' adds Aitken, CEO and co-founder alongside Mihill. 'We got really excited about it and that was how it started.' Before taking on the likes of Vodafone (VOD.L) and EE, Lincolnshire-born Aitken landed his first summer job as a 16-year-old thanks to his father, who worked at Boots' headquarters. 'They were running clinical trials and needed a bunch of students to come in and pack hundreds of thousands of white pills into blister packs,' he says. 'I think the only two lessons I'd learned were that I didn't want to commute because it was an hour's drive each way and I didn't want to work in a white room, in scrubs, packing white pills.' Instead, his two main jobs before founding Honest came with Deloitte, where he worked for nearly 12 years, training to be an accountant before running a team that worked with start-ups. 'I think actually moving away from attention to detail is probably my career direction,' he admits. 'I much prefer getting 80% done quickly, and that final 20% is not my area of expertise.' Read More: 'Studying chemistry helped me sell millions of oat milk bottles' 'But Josh, my co-founder, he's a real perfectionist. And so actually we work quite well together because he's great at dealing with that last 20%.' Mihill, a product designer by trade, had discussed at that pub session with Aitken a pitch he was concocting on selling millions of iPhone cases, before a deeper conversation ensued into the telecoms industry. Previously, Aitken had switched provider to O2 as he wanted an iPhone, moved to California for a stint and needed to keep his UK number. On return, Aitken switched to another network which promptly lost the number he had since he was a teenager. A month later he was told the last digit had been deleted by accident when the CSV file was passed over. 'But it's sort of universal," adds Aitken. 'If you wanted to write a joke about bad customer support, you'd probably pick your mobile provider. Meanwhile, there was Monzo and Revolut in banking and Bulb and Octopus in energy. It just felt like no one had done anything in telecoms for like 20 years.' In 2019, the same year Honest launched, watchdog Ofcom announced new rules whereby consumers could switch providers with a single free text. Six years on, Aitken believes a majority are still unaware. 'It's not in the big operators' interest to publicise that,' he adds. 'People still think of switching their phone number as this torturous process where your number goes missing, like mine did. If you give it to us, you can choose your switch day and we will cancel your old contract and you never need to speak to them [networks].' Customer service is a pivotal part of Honest's business. Average response time last year, he says, was 24 seconds while AI has been trained on five years' worth of conversations from its in-house support team. Around 60% of consumer conversations are now handled by AI, while customers 'can speak to a real human in 20 seconds'. Last autumn, Honest, which harnesses Three UK's network for its plans, rolled out its Smart Sim to tackle poor signal and expensive roaming. The product kicks in when the primary sim loses signal and connects to other available networks. Read More: Meet the 'jokers from London' who sold 100,000 blocks of butter in first 10 weeks 'The biggest single complaint we hear from customers or those who aren't customers is, 'all I care about is signal',' says Aitken. 'What is the point of having a phone if it's not connected?' Looking back, Aitken perhaps didn't believe that consumer connectivity would resonate quite so rapidly when Honest Mobile, which recorded £1.4m turnover last year, ran some Facebook ads in 2019. 'I think it's incredible that a bloke called Andy said 'why don't you switch to Honest Mobile?' and people did. It's kind of extraordinary really.'All of the team's phones and laptops are refurbished. We barely travel for work and when we do, we do it in the most environmentally sound way we can. Our packaging is also recycled and we were the first UK network to move to recycled plastic SIM cards. We've tried to push the balance, but the reality is the vast majority of our carbon footprint as a business sits with people using their handsets. So watching Netflix (NFLX), making calls, all of those things when you add them up across tens of thousands of users creates a carbon footprint and so we monitor that monthly for every customer. We work out the carbon footprint of charging your phone every night. And then we remove that twice over through carbon removal technologies. We use direct air capture where they suck carbon out of the air and pump it into old oil wells as stone. We sink seaweed in the middle of the ocean and we create biochar. It is like charcoal and you spread it in fields and it permanently captures the CO2, but also increases the fertility of that soil. What we really want to do is show the rest of the industry that you can do more. And because we piggyback on other people's infrastructure, I'd love to just click my fingers and switch the whole industry to renewable energy overnight. But I can't. The more the big networks see that we're growing really fast, the more they'll realise that people actually care about sustainability and care about making an impact in their decision-making. If we can make our phones and the consumption we do through our phones have less of an impact, then that's a good thing. Read more: GoTo CEO's eight business rules to be a successful leader How my IBM boss taught me to navigate a complex organisation 'Want to grow an iconic brand? CEOs have to value CMOs as servant leaders'Sign in to access your portfolio
