Vodafone and CK Hutchison are close to agreeing to a £15-billion (about R345-billon) combination of their UK telecommunications businesses that would create the country’s biggest mobile operator, the Financial Times reported on Thursday.
The deal will value the equity of the combined group at about £9-billion, with roughly £6-billion of debt, the FT said, citing three people familiar with the matter.
The agreement is expected to be unveiled this month, the report said.
The combination could also enable Hong Kong-based CK Hutchison to withdraw from the UK telecoms market, the newspaper added. However, it added that no agreement has been finalised and circumstances may still change.
Vodafone and CK Hutchison did not immediately respond to a request for comment. — Akriti Sharma, (c) 2023 Reuters