CMA Accepting Comments on Vodafone, CK Hutchison Joint Venture

By Anthony O. Goriainoff

The U.K. Competition and Markets Authority said it was inviting interested parties to comment on the proposed joint venture between Vodafone and CK Hutchison Group Telecom Holdings by Nov. 1.

The CMA said Wednesday that it was considering whether the transaction would create a relevant merger situation, and if so whether it will substantially lessen competition in the U.K.

In June, Vodafone said that it entered into binding agreements with Hong-Kong-based CK Hutchison Group Telecom Holdings, in relation to a combination of Vodafone UK and Three UK, their telecommunications businesses in the U.K.

Vodafone added then that it will own 51% of the combined business with CKHGT owning the other 49%, and that the combined business will invest 11 billion pounds ($13.52 billion) in the country over 10 years so as to create one of Europe's most advanced standalone 5G networks.

Vodafone shares at 0913 GMT were up 0.51 pence, or 0.7%, at 77.90 pence.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

October 11, 2023 05:39 ET (09:39 GMT)

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