Britain's largest phone network created from Three-Vodafone merger receives conditional approval | Money News

The competition watchdog has approved the merger of Three and Vodafone to create Britain's largest phone network.

The decision was made despite regulator Competition and Markets Authority (CMA) previously saying the merger could cost tens of millions more.

The CMA said approval would depend on the new company spending billions of dollars to improve 5G internet services across its network.

Vodafone and Three have come together to agree and set legally binding targets to meet.

They will be required to cap some mobile rates and offer pre-set contract terms for three years to mobile virtual network operators, which are mobile providers that do not own the networks they operate.

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8:17 'Change in Britain'

Both the CMA and communications regulator Ofcom will enforce this through annual progress reports submitted by Vodafone and Three. The CMA is responsible for monitoring and enforcing consumer tariff and wholesale terms protection.

This is sufficient to meet competition concerns, the CMA said.

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Better 5G services through increased investments will strengthen competition among mobile network operators in the long term, he added. “It benefits millions”.

The decision reduces the number of mobile phone networks from four to three and creates the UK's largest service provider with 27 million customers.

The deal, reported to be worth £16.5 billion, was announced in June 2023 and has been awaiting regulatory approval for almost a year.

Industry analyst Paolo Pescatore said it was now up to both sides to deliver on their promises. “This should signify a win for UK plc, bringing much-needed investment to the network, and for consumers in the form of better services,” he said.

What does this mean for users?

He said it would take years for all the benefits of the deal to be realized. Mr Pescatore added: “Better price guarantees will be a big attraction for customers in the coming years.”

With little strategic movement left within the UK, the merger is “most likely” to be the last major deal CMA will see in the telecoms sector, Pescatore said.

However, some believe the bill could be raised.

Rocio Concha, director of policy and advocacy at Which?, said the merger could reduce competitive pressures, resulting in higher prices and lower quality for consumers in the short term.

“The CMA took a gamble with the package they agreed to settle,” she said.

“For this merger to benefit consumers, the CMA and Ofcom must rigorously monitor whether the merged company is meeting its commitments and be prepared to act decisively if they do not.”

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