Mobile phone companies Vodafone and Three owner CK Hutchison Group have announced an agreement to merge their UK networks in a deal to create a European telecoms giant and Britain's largest operator.
The details announced on Wednesday come after the two companies publicly revealed they were in talks in October.
Vodafone's shares rose 2.5 per cent after the deal was made public.
“Together, we will have the scale needed to deliver a best-in-class 5G network for the UK, transforming mobile services for our customers and opening up new opportunities for businesses across the length and breadth of the UK,” CK Hutchison's co-managing director Canning Fok said.
Vodafone will own 51 per cent of the combined group while Hutchison will own 49 per cent. It will be led by current Vodafone UK boss Ahmed Essam, the companies said.
Three's UK finance chief Darren Purkis will take the same role in the new group.
The combined operator will have about 27 million customers, overtaking BT's EE and VM O2, jointly owned by Telefonica and Liberty Global.
Three UK and Vodafone UK were the fourth and third-biggest operators in the UK before the merger deal.
The deal will face scrutiny from regulators who have previously opposed deals that reduce the number of networks in major markets from four to three.
“For Vodafone, this transaction is a game changer in our home market,” said Vodafone chief executive Margherita Della Valle. “This is a vote of confidence in the UK and its ambitions to be a centre for future technology.”
Customers would not face extra costs, and there would be flexible, contract-free offers with no annual price increases, plus social tariffs, the companies said.
The two groups said they would invest £11 billion ($14 billion) in Britain over 10 years to create what they described as “one of Europe's most advanced stand-alone 5G networks”.
Vodafone and Three have also agreed to take on £6 billion in debt. Vodafone will take £4.3 billion of that and Three will account for £1.7 billion, which will be refinanced, the companies said.
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What is a Ponzi scheme?
A fraudulent investment operation where the scammer provides fake reports and generates returns for old investors through money paid by new investors, rather than through ligitimate business activities.
UK's plans to cut net migration
Under the UK government’s proposals, migrants will have to spend 10 years in the UK before being able to apply for citizenship.
Skilled worker visas will require a university degree, and there will be tighter restrictions on recruitment for jobs with skills shortages.
But what are described as "high-contributing" individuals such as doctors and nurses could be fast-tracked through the system.
Language requirements will be increased for all immigration routes to ensure a higher level of English.
Rules will also be laid out for adult dependants, meaning they will have to demonstrate a basic understanding of the language.
The plans also call for stricter tests for colleges and universities offering places to foreign students and a reduction in the time graduates can remain in the UK after their studies from two years to 18 months.
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Tips for used car buyers
- Choose cars with GCC specifications
- Get a service history for cars less than five years old
- Don’t go cheap on the inspection
- Check for oil leaks
- Do a Google search on the standard problems for your car model
- Do your due diligence. Get a transfer of ownership done at an official RTA centre
- Check the vehicle’s condition. You don’t want to buy a car that’s a good deal but ends up costing you Dh10,000 in repairs every month
- Validate warranty and service contracts with the relevant agency and and make sure they are valid when ownership is transferred
- If you are planning to sell the car soon, buy one with a good resale value. The two most popular cars in the UAE are black or white in colour and other colours are harder to sell
Tarek Kabrit, chief executive of Seez, and Imad Hammad, chief executive and co-founder of CarSwitch.com
The Pope's itinerary
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
How to report a beggar
Abu Dhabi – Call 999 or 8002626 (Aman Service)
Dubai – Call 800243
Sharjah – Call 065632222
Ras Al Khaimah - Call 072053372
Ajman – Call 067401616
Umm Al Quwain – Call 999
Fujairah - Call 092051100 or 092224411
UAE SQUAD
Mohammed Naveed (captain), Rohan Mustafa, Ashfaq Ahmed, Rameez Shahzad, Shaiman Anwar, Mohammed Usman, Mohammed Boota, Zawar Farid, Ghulam Shabber, Ahmed Raza, Sultan Ahmed, Imran Haider, Qadeer Ahmed, Chirag Suri , Zahoor Khan
