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Vodafone Group PLC on Monday confirmed that it is in discussions with CK Hutchison Holdings Ltd regarding a possible combination of Vodafone UK and Three UK.
The Newbury, England-based telecommunications company said the proposed transaction would involve both companies combining their UK businesses, with Vodafone owning 51% and its partner CK Hutchison owning 49% of the combined business.
‘The merged business would challenge the two already consolidated players for all UK customers and bring benefits through competitively priced access to a third reliable, high quality, and secure 5G network throughout the UK,’ Vodafone said.
However, Vodafone emphasised that ‘there can be no certainty’ that any transaction with CK Hutchison will ultimately be agreed.
The Hong Kong-based conglomerate CK Hutchison has been exploring a sale of Three UK for some time.
According to Sky News, insiders said on Monday that talks between the two firms were now at a ‘relatively advanced’ stage.
Vodafone shares were up 2.4% at 103.55 pence each on Monday around midday.
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