Vodafone agreed on 5 May to buy CK Hutchison's 49% stake in VodafoneThree for £4.3bn, giving it full control of the UK's largest mobile operator by subscribers.
Why Vodafone Group Plc is buying VodafoneThree (CK Hutchison's 49% stake)
Vodafone said full ownership would let it move faster on its £11bn UK network investment plan and on targeted synergies, including £700m a year of cost and capital expenditure savings by its 2030 financial year.
“With full ownership and control, we'll have the ability to move faster in the next phase of building one of Europe's leading networks.”
Deal terms and financing
Vodafone will pay £4.3bn in cash and the CK Hutchison shares will be cancelled. The group funded the consideration from existing cash and said the deal would lift pro forma net debt to adjusted EBITDAaL by about 0.4x.
Regulatory approvals and timing
The deal needed UK approval and was expected to complete in the second half of 2026. Vodafone announced completion on 30 July 2026.
Market context
Vodafone UK and Three UK agreed to merge in 2023 and completed the tie-up in 2025, with Vodafone holding 51% and CK Hutchison 49%. CK Hutchison said the sale would let it realise the value of its investment, the latest in a series of disposals by the Hong Kong conglomerate.
