Vodafone and Three are said to be finalising terms on a merger to create the UK's largest mobile phone company.

Vodafone and Three are reportedly close to agreeing terms on a merger which will create the UK's largest mobile phone company.

The proposed new entity would be worth an estimated £15 billion and boast some 28 million customers, with Vodafone owning 51% and Three's parent Hutchison having a 49% stake.

Vodafone currently has a 25% share of the UK market and Three has 12%, and the combined 37% of the new operator would place it ahead of BT/EE and Virgin/O2, both of which have approximate 32% shares of the market.

The deal is likely to face scrutiny from the Competition and Markets Authority, as well as regulator Ofcom, although the latter has previously indicated that it may not oppose four mobile operators becoming three.

Karen Egan of Enders Analysis told The Times: "The combination has the potential to transform the fortunes of two struggling operators, with deal upside predicated on cost synergies rather than on rising prices, which we do not foresee."

Vodafone shares are currently trading just shy of 95.00 GBX, down from around 123.00 GBX a year ago and significantly down on 210.00 GBX from just five years ago. body check tags ::

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