The merger of Vodafone and Three UK has completed, creating a new mobile operator named VodafoneThree. The transaction closed on 31 May 2025 and combines two of the UK’s largest mobile businesses into a single, fully merged company.
Vodafone holds a 51% controlling stake in VodafoneThree, while CK Hutchison, the owner of Three, retains the remaining 49%. Vodafone has confirmed that VodafoneThree’s financials will be consolidated into Vodafone’s results going forward.
Max Taylor, formerly head of Vodafone UK, will lead the combined business as Chief Executive Officer. Darren Purkis from Three UK will serve as Chief Financial Officer.
A headline commitment from the new group is a significant investment program: £11 billion earmarked for the UK network over the next ten years. The stated aim is to build one of Europe’s most advanced 5G networks and dramatically improve coverage and performance for customers nationwide.
VodafoneThree plans to invest approximately £1.3 billion in capital expenditure in the first year to accelerate the network rollout and begin delivering enhanced services without delay.
From a cost and efficiency perspective, the combined organisation still expects to reach around £700 million of annual synergies by the fifth year following completion. Vodafone projects the deal will begin to have a positive impact on its adjusted free cash flow from 2029 onwards.
Improved connectivity is presented as essential not only for everyday consumer use but also as a catalyst for economic growth, innovation in science and technology, better public services and narrowing digital inequality across the UK. VodafoneThree’s focus on a 5G Standalone (5G SA) network aims to place the UK at the leading edge of European mobile infrastructure.
Margherita Della Valle, Chief Executive of Vodafone Group, said the merger “creates a new force in UK mobile, transforms the country’s digital infrastructure and propels the UK to the forefront of European connectivity.” She added that the transaction completes a reshaping of Vodafone in Europe and positions the company for future growth following the integration period.
Canning Fok, Deputy Chairman of CK Hutchison, commented that the scale created by the merger enables the large-scale investment required to deliver high-performing mobile networks. He also noted the transaction releases value to shareholders, including an expected £1.3 billion of net cash returned to the CK Hutchison Group.
Max Taylor has quickly assembled a leadership team to run VodafoneThree. The senior appointments include:
- Darren Purkis, Chief Financial Officer
- Kelly Barlow, Strategy and Portfolio
- Clare Corkish, Human Resources
- Andrea Dona, Networks
- Nick Gliddon, Business
- Stephen Lerner, Regulatory, Government Affairs & Company Secretary
- Nicki Lyons, Corporate Affairs & Sustainability
- Stephen Reidy, Information Technology
- Jon Shaw, Consumer Operations
- Rob Winterschladen, Consumer
- Andy Yorston, Legal, Security, Compliance & Risk
Taylor said he congratulates the newly appointed leaders and that the team is focused on integrating the two businesses to deliver on the promise of building the UK’s best network for customers.
The merger’s completion marks the start of a complex integration process: combining networks, systems, operations and customer bases from two formerly separate operators. If the planned investment and integration succeed, VodafoneThree could raise the standard for mobile connectivity across the UK and accelerate nationwide 5G adoption.
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