Vodafone Group PLC has completed the purchase of the remaining 49 % of its joint venture VodafoneThree from CK Hutchison Holdings for £4.3 billion, giving the company full ownership of the UK mobile and broadband operator.
The transaction values the combined business at £13.85 billion, including debt, and is expected to lift Vodafone’s pro‑forma net debt‑to‑adjusted earnings ratio by 0.4 times. The deal also projects £700 million in annual cost and capital‑expenditure savings by 2030, a figure that reflects the scale of integration and network optimisation that will follow the full takeover.
Strategically, the acquisition accelerates Vodafone’s 5G rollout plan, which includes an £11 billion investment over the next decade to achieve 99 % coverage of 5G Standalone services by 2030. Full ownership also allows Vodafone to streamline operations, reduce duplication, and focus on core European markets as part of its broader portfolio optimisation, following recent divestments in Spain, Italy and the Netherlands.
The merger of Vodafone UK and Three UK, completed on 31 May 2025, created the UK’s largest mobile operator and reduced the number of major players in the market to three. The deal is subject to regulatory approval under the UK National Security and Investment Act, a standard requirement for telecommunications transactions of this size.
"I’m delighted that we will now have full ownership of VodafoneThree as we roll out one of Europe’s most advanced 5G networks, provide the UK’s best customer experience and drive long‑term value for our shareholders," said Vodafone CEO Margherita Della Valle. CK Hutchison co‑managing directors Frank Sixt and Dominic Lai described the transaction as a win‑win that generates substantial cash proceeds and crystallises value for the group, while deputy chairman Canning Fok Kin‑ning added that the deal allows the company to realise the value of its investment for the benefit of the group and shareholders.
Vodafone’s FY25 financials showed a modest 2 % revenue increase to €37.4 billion and a 5.1 % rise in organic service revenue, with adjusted EBITDAaL up 2.5 % organically. The group recorded a €0.4 billion operating loss, largely driven by goodwill impairments. The acquisition is expected to strengthen Vodafone’s financial position by consolidating the UK business, improving cost efficiency, and providing a clearer path to profitability as the company continues to invest heavily in 5G infrastructure.
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