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6-K: Update on the Merger of Vodafone UK and Three UK

6-K: Update on the Merger of Vodafone UK and Three UK

6-K：沃达丰英国公司与Three UK合并的最新进展
美股SEC公告 ·  2024/12/09 19:46

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The UK Competition and Markets Authority (CMA) has approved the merger between Vodafone UK and Three UK on December 5, 2024, subject to legally binding commitments on network investment, retail pricing, and wholesale terms. The combined entity will see Vodafone holding 51% stake and CK Hutchison's CKHGT owning 49%.The merger is expected to generate over £700 million in annual cost and capex synergies by the fifth year post-completion, with an implied NPV exceeding £7 billion. Key synergy sources include network infrastructure consolidation (40%), IT systems integration (10%), marketing and distribution rationalization (40%), and G&A efficiencies (10%). Integration costs are estimated at £500 million.The transaction involves Vodafone UK contributing £4.3 billion in debt and Three UK adding £1.7 billion, subject to completion adjustments. The deal has already secured clearances under the UK's NSIA Act, EU Merger Regulation, Egyptian Competition Authority, and CKHGT shareholder approval.
The UK Competition and Markets Authority (CMA) has approved the merger between Vodafone UK and Three UK on December 5, 2024, subject to legally binding commitments on network investment, retail pricing, and wholesale terms. The combined entity will see Vodafone holding 51% stake and CK Hutchison's CKHGT owning 49%.The merger is expected to generate over £700 million in annual cost and capex synergies by the fifth year post-completion, with an implied NPV exceeding £7 billion. Key synergy sources include network infrastructure consolidation (40%), IT systems integration (10%), marketing and distribution rationalization (40%), and G&A efficiencies (10%). Integration costs are estimated at £500 million.The transaction involves Vodafone UK contributing £4.3 billion in debt and Three UK adding £1.7 billion, subject to completion adjustments. The deal has already secured clearances under the UK's NSIA Act, EU Merger Regulation, Egyptian Competition Authority, and CKHGT shareholder approval.
英国竞争与市场管理局（CMA）已于2024年12月5日批准沃达丰英国与三号英国的合并，但需遵守网络投资、零售定价和批发条款的法律约束承诺。合并后，沃达丰将持有51%的股份，CK Hutchison的CKHGt将拥有49%。预计在合并完成后的第五年内，该合并将产生超过70000万英镑的年度成本和资本支出协同效应，隐含净现值超过70亿英镑。主要的协同效应来源包括网络制造行业整合（40%），IT系统集成（10%），市场营销和分销合理化（40%），以及管理与行政效率（10%）。集成成本预计为50000万英镑。该交易涉及沃达丰英国出资430亿英镑的债务，三号英国出资170亿英镑，具体金额需根据完成调整。该交易已获得英国NSIA法案、欧盟合并条例、埃及竞争管理局和CKHGt股东批准的清算。
英国竞争与市场管理局（CMA）已于2024年12月5日批准沃达丰英国与三号英国的合并，但需遵守网络投资、零售定价和批发条款的法律约束承诺。合并后，沃达丰将持有51%的股份，CK Hutchison的CKHGt将拥有49%。预计在合并完成后的第五年内，该合并将产生超过70000万英镑的年度成本和资本支出协同效应，隐含净现值超过70亿英镑。主要的协同效应来源包括网络制造行业整合（40%），IT系统集成（10%），市场营销和分销合理化（40%），以及管理与行政效率（10%）。集成成本预计为50000万英镑。该交易涉及沃达丰英国出资430亿英镑的债务，三号英国出资170亿英镑，具体金额需根据完成调整。该交易已获得英国NSIA法案、欧盟合并条例、埃及竞争管理局和CKHGt股东批准的清算。
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