CK Hutchison finally unveiled the £15-billion merger of their British mobile operations on Wednesday, saying the creation of a new market leader would drive competition and investment in the country.
Under the terms, Vodafone will own 51% and Hutchison 49% of the combined group, which will be led by current Vodafone UK boss Ahmed Essam. The finance chief of Hutchison’s Three UK, Darren Purkis, will take the same role in the new group. Vodafone’s Essam said the companies would present the deal to Britain’s Competition and Markets Authority in the coming weeks. “We believe that this case stands on very strong grounds,” he told reporters. “We’re very confident on our case.”
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