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 majority 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 ൩end of next year.

♐Vodafone U.K. CEO Ahmed Essam will become the MergeCo CEO, and Three UK CFO Darren ཧPurkis 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 not✃ed in March that the talks were “progressive and positive.”

CK Huchison Group Co-Managing Director Canning Fok explained that the combination gives both companies “the scale needed to deliver a best-in-class 5G network for the UK, transforming mobile services for our customers and op🎃ening up new opportunit♛ies for businesses.”

The proposal could face regulatory hurdles, since the union of Vod💎afone and Three UK would leave the country with just three mobile carriers. 

澳洲幸运5官方开奖结果体彩网: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.