Vodafone take full ownership of VodafoneThree
Vodafone Group has reached an agreement for the buyout of CK Hutchison Group Telecom Holding Limited from the VodafoneThree joint venture for £ 4.3 billion(€ 4.9 billion) via a cancellation of shares. Following completion of the Transaction, Vodafone will become the sole owner of VodafoneThree, the UK’ s largest mobile operator and one of the fastest growing broadband providers.
Since the merger of Vodafone UK and Three UK in 2025, significant progress has been made in integrating the two businesses. This has led to considerable improvements in network quality, which have been delivered ahead of schedule, as the operator looks to build the UK’ s best 5G network. Consumers and businesses up and down the country are already benefitting from greater coverage, speeds and reliability.
Alongside these network upgrades, Vodafone Three says it has also seen a significant improvement in overall customer experience and loyalty across all of its brands. Most notably, Three has seen a significant improvement in customer retention, and is already successfully cross selling a broad range of products, including home broadband and Fixed Wireless Access, to the largest UK mobile base.
This strong start to the integration means Vodafone Three is now even more confident on delivering its plans to create one of Europe’ s leading telecoms networks, which include expecting to realise £ 700 million annual cost and capital expenditure synergies by FY30. Vodafone believes now is the right time to take full ownership of VodafoneThree, enabling it to move at an even faster pace to transform the UK’ s digital infrastructure and realise value for
Vodafone believes now is the right time to take full ownership of VodafoneThree, enabling it to move at an even faster pace to transform the UK’ s digital infrastructure. its shareholders. Margherita Della Valle, Chief Executive of Vodafone Group, said:“ A year on from the merger, the team has made remarkable progress, as we maximise the full potential of VodafoneThree and capture the significant synergies.”
“ I’ m delighted that we will now have full ownership of VodafoneThree as we roll out one of Europe’ s most advanced 5G networks, provide the UK’ s best customer experience and
drive long-term value for our shareholders.”
Max Taylor will continue in his role as Chief Executive Officer of VodafoneThree, supported by the existing VodafoneThree leadership team. There will be no change to VodafoneThree’ s multi-brand strategy, ensuring continuity for customers across all brands.
Completion is subject to the receipt of approvals under the UK National Security and Investment Act, associated with Vodafone moving to 100 % ownership, and the Transaction is expected to complete in the second half of 2026.
Vodafone will fund VodafoneThree’ s cancellation of CKHGT’ s shares in VodafoneThree with £ 4.3 billion in cash and the Transaction is expected to increase Vodafone Group’ s pro forma net leverage by 0.4x. At completion of the merger, CKHGT contributed its business with £ 1.7 billion of debt and Vodafone contributed its business with £ 4.3 billion of debt. Since completion of the merger the parties have contributed £ 0.8 billion of equity and as at March 31 st 2026, net debt was £ 5.08 billion. The Transaction implies an enterprise value for VodafoneThree of £ 13.85 billion. Vodafone plans to fund the Transaction from existing cash resources.
DAZN, DFL major anti-piracy victory
Sports entertainment platform DAZN and the DFL Deutsche Fußball Liga have won a significant legal victory in their fight against content theft, following a court decision granting a blocking injunction against livetv. sx, the largest illegal sports piracy website in Germany.
Active for more than 13 years, livetv. sx is estimated to account for a significant majority of illegal sports streaming consumption across the DACH region. Despite its scale, longevity, and sophisticated efforts to evade enforcement through non-compliant hosting providers, content delivery networks, and registrars, the site will now be subject to blocking measures. Further legal steps against related mirror domains are currently being assessed.
The case was pursued through CUII, Germany’ s clearing body for internet piracy, with DAZN and the DFL jointly contributing to the proceedings, including the provision of data and analysis to support the legal action.
The ruling marks a meaningful milestone in tackling large-scale, organised sports piracy in Germany and underlines the joint commitment of DAZN and the DFL to protect sports rights holders, partners, and fans from the significant risk and damage caused by this criminal activity.
Ed McCarthy, Chief Operating Officer of DAZN Group, said:“ This court decision is a turning point in the fight against content theft in Germany. Livetv. sx has operated at scale for more than a decade, undermining rights holders and the wider sports ecosystem. By working through CUII and collaborating with partners such as the DFL, DAZN is demonstrating that coordinated enforcement can deliver meaningful results. This ruling protects the value of sport and creates a fairer, more sustainable market.”
Steffen Merkel, CEO of the DFL, added:“ This decision is of great significance for the protection of rights, an area in which the Bundesliga has invested heavily and implemented comprehensive measures for many years. Consequently, we can now take more effective action than ever before against illegal streaming networks, in collaboration with international organisations such as CUII, law enforcement authorities, and our partners. We thank all parties involved for their close cooperation and determined action in this case.”
EUROMEDIA 7