Vodafone buys out CK Hutchison's 49% stake in VodafoneThree for £4.3bn, taking full control of the merged UK mobile network

Vodafone has announced it will purchase CK Hutchison's 49% stake in VodafoneThree for £4.3 billion, giving the UK-based mobile operator full ownership of the joint venture formed by the 2025 merger of Vodafone UK and Three UK. The deal gives Vodafone sole control over a combined network that emerged from approximately two years of regulatory scrutiny before the original merger was cleared. CK Hutchison described the consideration as providing an 'attractive' valuation. Vodafone framed the buyout as consistent with its wider operational simplification strategy, targeting approximately £700 million in annual capital expenditure (the ongoing investment a company makes in physical and infrastructure assets) by the 2030 financial year. Max Taylor will remain as chief executive of the combined business, and Vodafone will continue operating under the Three brand alongside its own. The transaction is a straightforward acquisition of a minority stake rather than a fresh merger, but its scale — £4.3bn for a 49% interest — makes it one of the largest UK telecoms transactions of 2026. The deal consolidates what was already a post-merger joint venture into a wholly owned subsidiary, completing the structural rationalisation of UK mobile infrastructure that began with the original Vodafone-Three combination.

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