Vodafone has agreed to acquire CK Hutchison’s remaining stake in the UK operator VodafoneThree, paying £4.3bn for the 49‑percent share. The purchase will give Vodafone 100% ownership after the shares are cancelled. Completion is expected in the second half of 2026, pending clearance from the UK competition regulator. The acquisition also secures Vodafone’s strategic position ahead of upcoming 5G spectrum auctions.

The deal follows a 2023 merger that combined Vodafone’s 51% holding with CK Hutchison’s control of Three, creating a £16.5bn telecom group approved by regulators at the end of 2024. Under the original agreement, Vodafone earned the right to buy out the minority stake after three years if the merged entity achieved the agreed enterprise value. Analysts say full ownership could simplify dividends and governance.

CK Hutchison said the sale will monetise its investment at an “attractive valuation”, boost cash reserves and free resources for future growth. For investors, full control removes minority‑shareholder friction and could streamline network integration, potentially enhancing margins in a market where UK mobile operators face pricing pressure and costly 5G roll‑outs. The move may also improve Vodafone’s leverage ratios, reassuring credit rating agencies.