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Vodafone has reached a £4.3 billion ($5.8 billion) agreement to acquire full ownership of VodafoneThree, the United Kingdom (UK)’s largest mobile network operator.
Under the arrangement, Vodafone will purchase the remaining 49% stake held by Hong Kong-based CK Hutchison through a share cancellation deal.
VodafoneThree was created last year following the merger of Vodafone UK and Three, CK Hutchison’s UK mobile arm, forming the country’s biggest operator by customer base.
“Now is the right time to take full ownership of VodafoneThree, enabling us to move at an even faster pace to transform the UK’s digital infrastructure,” Vodafone said in a statement on Tuesday.
The company expects the transaction to be completed in the second half of 2026.
Market analysts said the move reflects a shift in strategy for a business previously weighed down by debt and weak growth, though recent signs point to gradual improvement.
“The transaction signals a new lease of life for a business that was bloated with debt and struggled with low growth,” said AJ Bell head of markets Dan Coatsworth.
“There are now tentative signs of improvement both operationally and financially, putting it in a better position to mount a comeback,” he added.
Vodafone has been undergoing major restructuring since 2023 under chief executive Margherita Della Valle, including workforce reductions and asset sales in Italy and Spain.
The company recently issued a more positive outlook after a surprise revenue recovery in Germany and following its UK merger with Three. It is due to publish its annual results next week.
