Vodafone UK JV With Three to Get Further Review by U.K. Regulator
By Najat Kantouar
The U.K. Competition and Markets Authority plans a further investigation into Vodafone Group's planned joint venture of its U.K. operations with Three U.K. as it believes the deal could leave consumers and businesses worse off.
The regulator said Friday that the deal--which seeks to combine two of the four U.K. mobile network operators--could lead to higher prices for customers and impact investment in U.K. mobile networks.
The agreement would bring their 27 million customers under a new, single network provider and would raise competition concerns, the CMA said.
"Whilst Vodafone and Three have made a number of claims about how their deal is good for competition and investment, the CMA has not seen sufficient evidence to date to back these claims," the CMA Phase 1 Decisionmaker Julie Bon said.
The regulator has given the companies five working days to respond with a solution, otherwise the deal will be referred to a more in-depth investigation, the regulator said.
Vodafone and Three UK said that the investigation was an expected step in the process and that they are confident the transaction will deliver significant benefits for competition, customers and the country.
"We will review the potential concerns raised by the CMA and look forward to continuing to engage constructively with them as we set out the benefits of the merger for competition and for U.K. consumers and businesses," the companies said in a joint statement.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
March 22, 2024 03:49 ET (07:49 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
What’s Happening in the Markets This Week
-
4 Top Dividend-Paying REIT Stock Picks
-
After Earnings, Is Netflix Stock a Buy, a Sell, or Fairly Valued?
-
P-CAPE: A Better Way for Investors to Estimate Future Returns
-
Which Stocks Have Driven the Stealth Large-Value Rally?
-
Forecasts for Q2 GDP Report Show a Healthy but Slowing Economy
-
5 Stocks to Buy as the Market Rally Broadens
-
4 Top US Travel Stock Picks
-
How Do Interest Rates Affect Stock Market Returns?
-
American Airlines Earnings: Ticket Distribution Misstep Affected Results
-
Going Into Earnings, Is Albemarle Stock a Buy, a Sell, or Fairly Valued?
-
3 Top Cybersecurity Stock Picks for Long-Term Investors
-
AbbVie Earnings: Firm Sees Strong Next-Generation Immunology Drugs Sales
-
Ford Earnings: Warranty Problems on Older Vehicles Slam Results
-
ServiceNow Earnings: Operating on a Higher Plane Within Enterprise Software