Vodafone to buy out CK Hutchison JV in £4.3bn deal

(Sharecast News) - Vodafone said on Tuesday that it has agreed to buy CK Hutchison's stake in mobile operator and broadband provider VodafoneThree for £4.3bn, taking full ownership of the joint venture. Currently, Vodafone has a 51% stake in the JV, while Hong Kong conglomerate CK Hutchison owns the rest.

Vodafone said it was now "even more confident" about delivering its plans to create one of Europe's leading telecoms networks, which include expecting to realise £700m annual cost and capital expenditure synergies by FY30.

"We believe 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 and realise value for our shareholders," it said.

The company's chief executive, Margherita Della Valle said: "A year on from the merger, the team has made remarkable progress, as we maximise the full potential of VodafoneThree and capture the significant synergies.

"I'm delighted that we will now have full ownership of VodafoneThree as we roll out one of Europe's most advanced 5G networks, provide the UK's best customer experience and drive long-term value for our shareholders."

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