Vodafone, Britain's third-biggest mobile operator, will have an option to buy-out the Hong Kong-based conglomerate three years after completion, if it agrees.The deal will face intense scrutiny from regulators who have previously opposed deals that reduce the number of networks in major markets from four to three. Hutchison's attempt to merge with Telefonica's O2 in Britain seven years ago was blocked.
The companies said the transaction would need approval under a UK National Security and Investment Act, which gives the government powers to intervene in deals that could pose a risk."We believe that this case stands on very strong grounds," Vodafone's Essam told reporters, adding that customers would be getting a much better network for the same price. "We're very confident on our case.
Vodafone said customers of both companies would enjoy better network coverage within 12 months of the deal closing, expected to be before the end of 2024, subject to regulatory and shareholder approval.
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