A £15 billion ($18.9 billion) merger between Vodafone and Three UK can proceed if both companies agree to invest billions to roll out a combined 5G network, the Competition and Markets Authority (CMA) has said.
The regulator told the companies they must also offer short-term customer protections, capping certain mobile tariffs for three years.
Stuart McIntosh, chairman of the independent inquiry group leading the CMA's investigation, said the deal is “likely to boost competition in the UK mobile sector and should be allowed to proceed – but only if Vodafone and Three agree to implement our proposed measures”.
Vodafone and Three's merger, valued at about £16.5 billion ($20.8 billion), will create the UK's largest mobile operator, with about 27 million customers.
The new network will reach 99 per cent of the UK population and benefit more than 50 million customers as demand for data “is set to accelerate further with more widespread adoption of new technology, such as AI”, it added. The deal is expected to complete formally during the first half of 2025.
Vodafone will own 51 per cent of the equity and after three years will have the option to buy the rest of the merged company. UAE telecommunications company e&, formerly Etisalat, currently holds a 15.010 per cent stake in Vodafone.
Vodafone chief Margherita Della Valle said the decision “creates a new force in the UK's telecoms market and unlocks the investment needed to build the network infrastructure the country deserves”.
“Consumers and businesses will enjoy wider coverage, faster speeds and better-quality connections across the UK, as we build the biggest and best network in our home market,” Ms Della Valle said.
“Today's approval releases the handbrake on the UK's telecoms industry, and the increased investment will power the UK to the forefront of European telecommunications.”
The companies “have committed to invest £11 billion to create one of Europe's most advanced 5G networks”, the pair said.
Canning Fok, deputy chairman of CK Hutchison, which owns Three UK, said the merger would make sure “customers across the country benefit from world-beating network quality”.
There are currently four mobile operators in the UK: Virgin Media-O2, EE, Vodafone and Three, which is owned by Hong Kong-based CK Hutchison. Ms Della Valle previously said a merger between her company and Three would be a “catalyst for change”.
Robert Finnegan, chief executive of Three, said the UK market was “dysfunctional and lacks quality competition”, because of the existence of two large players – EE and Virgin Media O2 – and two small players – Vodafone and Three.
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Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
UAE currency: the story behind the money in your pockets
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UAE currency: the story behind the money in your pockets
GIANT REVIEW
Starring: Amir El-Masry, Pierce Brosnan
Director: Athale
Rating: 4/5
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
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The specs
Engine: four-litre V6 and 3.5-litre V6 twin-turbo
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The Details
Kabir Singh
Produced by: Cinestaan Studios, T-Series
Directed by: Sandeep Reddy Vanga
Starring: Shahid Kapoor, Kiara Advani, Suresh Oberoi, Soham Majumdar, Arjun Pahwa
Rating: 2.5/5
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General admission Dh295 (under-three free)
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'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
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Read more from Aya Iskandarani
Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
The five pillars of Islam
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Coal Black Mornings
Brett Anderson
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Sukuk explained
Sukuk are Sharia-compliant financial certificates issued by governments, corporates and other entities. While as an asset class they resemble conventional bonds, there are some significant differences. As interest is prohibited under Sharia, sukuk must contain an underlying transaction, for example a leaseback agreement, and the income that is paid to investors is generated by the underlying asset. Investors must also be prepared to share in both the profits and losses of an enterprise. Nevertheless, sukuk are similar to conventional bonds in that they provide regular payments, and are considered less risky than equities. Most investors would not buy sukuk directly due to high minimum subscriptions, but invest via funds.
