United Kingdom · Company filings
How VodafoneThree went from joint venture to sole ownership
Vodafone UK and Three UK combined on 31 May 2025, with Vodafone holding 51%. Vodafone bought out CK Hutchison's 49% interest in July 2026 while the original competition undertakings continued.
Sources checked
- 4 April 2024In-depth merger review opened
CMA referred the proposed UK joint venture for phase two review. Source 1
- 5 December 2024Final report published
CMA said the merger could proceed if binding commitments addressed its concerns. Source 2
- 28 March 2025Undertakings accepted
The commitments covered network delivery, selected retail plans and wholesale terms. Source 2
- 31 May 2025VodafoneThree transaction closed
Vodafone held 51% and CK Hutchison's subsidiary held 49%. Source 3
- 30 July 2026Vodafone took sole ownership
CK Hutchison's interest was bought out through a cancellation of shares. Source 1
- 29 September 2026CMA published the first annual progress report
A non-confidential version was published under the original undertakings. Source 1
The two transactions had different effects on the operating business and its shareholders.
The original deal combined two UK mobile businesses
Vodafone and CK Hutchison combined their UK operations in a company they initially held 51% and 49%. Vodafone said it would fully consolidate the new entity in its financial results from the start of the partnership. Source 3
The remedies use three different measures
The undertakings require delivery of an eight-year network plan, price caps on selected tariffs and data plans for three years and preset wholesale terms for three years. The wholesale provisions concern virtual operators that buy network access. Source 2
The company's investment plan uses a separate period
At closing Vodafone said VodafoneThree planned GBP 11 billion of investment over ten years. The CMA's legally binding network remedy tracks an eight-year delivery plan. The two periods describe different records, so one should not be read as a substitute for the other. Source 2 Source 3
Monitoring carried on after the buyout
Vodafone acquired sole ownership in July 2026 through cancellation of CK Hutchison's shares. The CMA subsequently published the non-confidential version of the first annual progress report in September, under the monitoring arrangements from the original merger. Source 1 Source 2