The tie-up of Vodafone
Vodafone will account for 51% of the merged firm, with
The groups said the merger will help them compete with their rivals on 5G technology, which provides much faster connectivity and greater capacity that will potentially allow thousands of devices to be connected at the same time within a relatively small area.
Vodafone CEO
“It’s transformative as it will create a best-in-class — indeed best-in-
“This has long been a challenge for Three U.K.’s ability to invest and compete,” he said.
The companies said they are aiming to complete the deal by the end of 2024.
If it gets the go-ahead from regulators, Vodafone
It expects cost savings of more than 700 million pounds within five years of the deal's completion, through measures such as merging IT systems; combining marketing, sales, distribution and logistics activities; and general cost-cutting. The firms said it was too early to put a figure on the number of jobs that would be affected.
Unite, Britain’s largest trade union, urged the government to “step in and stop this reckless merger,” arguing it would lead to job losses and push up prices for customers.
The deal comes a month after Vodafone announced that it was laying off 11,000 workers globally as part of a major revamp aimed at cutting costs and boosting flagging financial performance.
Vodafone
Given that the deal would reduce the number of mobile operators in the
“A good mobile connection is essential to everyday modern life, and this merger between Vodafone and Three will have a significant impact on the telecoms market," she said.
“Reducing the number of network providers from four to three risks reducing the choices available to consumers, raising prices and lowering the quality of services available,” she added.
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