A deal that will create the country's biggest mobile phone operator has been struck by Vodafone and the owner of Three UK, CK Hutchison.
Under the merger plans, which have taken longer to finalise than expected, no cash will change hands.
It will be completed through a debt adjustment instead, with £1.7bn to transferred to the new company by Three.CK Hutchison, the Hong Kong-based group, had been exploring a sale of Three UK for some time. The operation, which has nine million customers, was seen internally as sub-scale for a sector that carries huge capital investment requirements for developing network infrastructure.
The merger was initiated by Vodafone's former chief executive Nick Read but he was effectively ousted at the end of last year amid widespread shareholder frustration over performance.Vodafone announces 11,000 job cuts His successor, Margherita Della Valle, has signalled her intention to improve the firm's competitiveness.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Nottingham police incident: Three dead and three injured after linked attacks in city centre - live updatesThree people have been killed and three injured in Nottingham amid a 'major' incident that has locked down the city.
Weiterlesen »
Residents 'disturbed' after two found dead on busy roadPolice responded to three incidents in which three people were killed
Weiterlesen »
Witnesses describe screams as two victims stabbed in deadly Nottingham attacksThree people have been killed and another three injured in linked attacks in the city.
Weiterlesen »
Three Britons dead after boat fire - tour operatorIn a statement, Scuba Travel said the tourists' families had been contacted by the Foreign Office.
Weiterlesen »
Man City surprise local schoolchildren with all three Treble trophiesCity in the Community used the opening of a new Playzone to show off their trio of trophies to youngsters near the Etihad
Weiterlesen »
Teen suffers 'life-changing' injuries in three-car smash in LeedsWest Yorkshire Police are currently appealing for more information
Weiterlesen »