Vodafone is in talks with CK Hutchison about a possible UK operation

Vodafone is in talks with CK Hutchison about a possible UK operation

PARIS (Reuters) – British telecoms operator Vodafone confirmed on Monday that it is in talks with CK Hutchison, owner of Three UK, over a possible merger of their UK operations.

Vodafone announced that it would hold 51% and Hutchison 49% of the new entity in the proposed merger plan.

According to Sky News, which originally reported the news, a deal would create the UK’s largest mobile operator with around 27 million subscriber lines, ahead of BT’s EE and Virgin Media O2.

According to Sky News, Vodafone and Hutchison hope to reach an agreement by the end of the year.

On the London Stock Exchange, Vodafone stock rose 2.73%, one of the biggest gains in the FTSE 100 index, which itself fell 0.55%.

Vodafone CEO Nick Read said in February that the company was considering a merger with a competitor in several European markets to improve profitability.

(Reporting by Pul Sandle, Sachin Ravikumar and Muvija M, French version by Laetitia Volga edited by Kate Entringer)

Reference: www.challenges.fr

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