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Vodafone climbs as government green lights merger with Three

Published 10/05/2024, 11:09
Updated 10/05/2024, 11:50
Vodafone climbs as government green lights merger with Three

Proactive Investors - Vodafone Group PLC (LON:VOD) gained ground on Friday after the government conditionally approved the firm’s merger with Three.

Though a competition probe into the deal is yet to end, the government said it would allow the deal if the merged companies set up a national security committee.

This would oversee sensitive work and have to provide regular updates to the government, with a technical group to monitor specific topics also required.

Vodafone and CK Hutchinson Holdings Ltd-owned Three’s tie-up was unveiled last year and is set to take the number of UK mobile networks from four to three.

The pair hailed the government ruling in a joint statement, adding work would continue to assist the Competition and Markets Authority’s (CMA) investigation.

"We strongly believe [the merger] will strengthen competition in the UK's mobile sector and enable a significant step-up in the UK's mobile network infrastructure," they said.

The CMA’s probe was announced last month, with the regulator noting at the time that the companies had not proposed remedies to ease concerns.

Vodafone climbed 2.4%, while Hutchinson’s Hong Kong-listed shares gained 3.9%.

Read more on Proactive Investors UK


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