Vodafone Group (VOD) and CK Hutchison, which owns Britain’s Three UK mobile phone network, announced they would be merging their U.K. telecom businesses, months after they began negotiations on a deal.

The companies said the agreement would make Vodafone the m🌜ajority stakeholder at 51% in what is being called “MergeCo.” They indicated that the transaction contained no cash considerations. It’s expected to close by the end of next year.

Vodafone U.K. CEO Ahmed Essam will beౠcome the MergeCo CEO, and Three UK CFO Darren Purkis will be the new 🔯firm’s CFO.

Vodafone reported last October that it was in discussions with its smaller rival💯, and Three UK’s Purkis noted in March that꧃ the talks were “progressive and positive.”

CK Huchison Group Co-Managing Director Canning Fok explaineꦫd that the combination gives both companies “the scale needed to deliver a best-in-class 5G netwo꧅rk for the UK, transforming mobile services for our customers and opening up new opportunities for businesses.”

The proposal could face regulatory hurdles, since the union of Vodafone and Three UK would leave the country with just three mo🌱bile carriers. 

澳洲幸运5开奖号码历史查询:American Depositary Receipts (ADR) of Vodafone Group Plc advanced 1.7% on Wednesday morning following the news, after trading at a 27-year low on Tuesday.