Linklaters Advises on Vodafone–Three UK Merger.
Linklaters has advised CK Hutchison Holdings and its telecom subsidiary, CK Hutchison Group Telecom Holdings (CKHGT), on the completed merger of Three UK with Vodafone UK, forming the UK’s largest mobile network.
The deal officially closed on 31 May 2025, and the new combined business , now called VodafoneThree, will reshape the UK’s mobile landscape. Vodafone holds a 51% stake in the new company, while CKHGT owns the remaining 49%.
Vodafone will include VodafoneThree in its financial reporting moving forward.
Max Taylor, who previously led Vodafone UK, takes the reins as CEO of VodafoneThree. Darren Purkis from Three UK steps in as Chief Financial Officer.
VodafoneThree is kicking things off with a big promise: £11 billion in investment over the next 10 years to roll out one of Europe’s most advanced 5G standalone networks. The goal? Faster, more reliable service for users across the UK, and a serious upgrade for the country’s digital infrastructure.
The first year alone includes £1.3 billion in capital spending to accelerate deployment. Over time, the merged company expects to save £700 million a year in operating and capital costs, and to start contributing positively to Vodafone’s cash flow by fiscal year 2029.
Margherita Della Valle, Vodafone’s Group Chief Executive, called the merger a major leap forward:
“The merger will create a new force in UK mobile, transform the country’s digital infrastructure and propel the UK to the forefront of European connectivity."
"We are now eager to kick-off our network build and rapidly bring customers greater coverage and superior network quality. The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well-positioned for growth ahead.”
Canning Fok, Deputy Chairman of CK Hutchison and Executive Chairman of CKHGT, added:
“As we have demonstrated in other European markets, scale enables the significant investment needed to deliver the world-beating mobile networks our customers expect, and the Vodafone and Three merger provides that scale. In addition, this transaction unlocks significant shareholder value, returning approximately £1.3 billion in net cash to the Group.”
The Linklaters team advising CK Hutchison brought together a deep bench of legal expertise across multiple practice areas. Corporate advice was led by Partners Robert Cleaver and Hugo Stolkin, supported by Managing Associates Thomas Greenhalgh and Connor Chalmers, and Associates Sara Blum Specht, Robert Stutter, and Christian Mok.
On the technology and telecoms front, the TMT team included Partners Georgina Kon and Rich Jones, with Managing Associates Tatum Govender and Danny Greenland, along with Nicholas Puschman. Intellectual property matters were handled by Partner Paul Joseph, Managing Associate Stephanie Farrington, and Associate Olivia Williams.
Tax advice was led by Partner Chris Smale and Dominic Markham, while pensions were overseen by Partner Alasdair Smith. The employment aspects of the transaction were managed by Counsel Emma Gray and Managing Associate Anjali Raval. Incentives work was led by Partner Bradley Richardson, and banking matters were handled by Counsel Jo Jimenez.
CK Hutchison Holdings Limited is a Hong Kong-based multinational conglomerate with operations in over 50 countries and a workforce exceeding 300,000 employees. Formed in 2015 through the merger of Cheung Kong Holdings and Hutchison Whampoa, the company operates across four core sectors: ports and related services, retail, infrastructure, and telecommunications. Its telecommunications division includes the "3" brand, serving markets across Europe and Asia. CK Hutchison is publicly traded on the Hong Kong Stock Exchange under the ticker symbol 0001.HK
Linklaters is a global law firm recognized for its deep expertise in banking, capital markets, mergers and acquisitions, and dispute resolution. Operating in over 21 countries, the firm advises multinational corporations, financial institutions, and governments across the world’s major financial hubs. With nearly 200 years of experience, Linklaters has built a reputation for navigating clients through complex commercial, economic, and regulatory change. The firm is also known for its leadership in innovation, diversity, and sustainability, continuing to shape the future of the legal industry.
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