Vodafone has agreed to acquire CK Hutchison’s 49% stake in VodafoneThree for £4.3 billion (€5.0 billion), giving it full ownership of the UK’s largest mobile operator.
The deal follows the completion of the Vodafone UK and Three UK merger in May 2025, which created VodafoneThree and reduced the UK mobile market from 4 network operators to 3.
Vodafone said integration of the two businesses had progressed faster than expected, with improvements in network quality, customer experience and retention already being delivered ahead of schedule.
The company now expects to realise £700 million (€812 million) in annual cost and capital expenditure synergies by 2030.
Completion is expected in the second half of 2026, subject to approval under the National Security and Investment Act.
Max Taylor will continue as chief executive of VodafoneThree, and Vodafone said there would be no change to the company’s multi-brand strategy.
The acquisition forms part of Vodafone’s wider strategy to focus on core European markets, following disposals in Italy and Spain and the agreed sale of its 50% stake in VodafoneZiggo to Liberty Global.
