Telecommunications companies Vodafone and Hutchison have announced that they will invest £11 billion over the next 10 years by merging their operations in the UK.
According to the companies’ statement, Vodafone UK will merge with Three UK, the mobile network company under Hutchison. Vodafone will have a 51 percent share and Hutchison a 49 percent share in the structure arising from this merger.
The new company born from the merger will invest £11 billion over the next 10 years to “build one of the most advanced independent 5G networks” in Europe.
The merger is expected to be completed before 2024. The merger needs to be approved by the UK Competition and Markets Authority.
The company, which will emerge as a result of the £19 billion deal if approved, will become the industry leader in the UK.