• Swindon & Wiltshire M&A, deals
• Tuesday May 5 2026

Vodafone to take full ownership of Three

Vodafone has agreed to take full ownership of VodafoneThree in a £4.3 billion deal with CK Hutchison, ending the joint-venture structure that was created when Vodafone UK and Three UK merged last year.

The move gives Newbury-headquartered Vodafone complete control of the UK’s largest mobile operator, which serves more than 27 million customers, and is expected to strengthen its grip on network investment and strategy.

Vodafone said it will pay cash to buy CK Hutchison’s remaining 49 per cent stake in VodafoneThree, valuing the business at about £13.85 billion including debt.

The company said the transaction should raise its pro forma net debt to adjusted earnings ratio by 0.4 times.

Chief executive Margherita Della Valle said full ownership will help Vodafone roll out one of Europe’s most advanced 5G networks, improve customer experience and drive long-term value for shareholders.

Analysts have said the deal could speed up decision-making, cut costs and make it easier to push through network upgrades after a year of integration work.

VodafoneThree was formed after Vodafone UK and Three UK completed their merger on 31 May 2025, with Vodafone holding 51 per cent and CK Hutchison holding 49 per cent.

At the time, Vodafone said it would fully consolidate the venture in its financial results, while Max Taylor led the new company as chief executive.