VodafoneThree commits £1.3 b for network upgrade

Vodafone and CK Hutchison have completed the merger of their UK operations, creating a new business called 'VodafoneThree', which will invest 1.3 billion ($1.76 billion) in its network in the first year, the companies said on Monday. The combination will overtake BT's EE and O2, jointly owned by Telefonica and Liberty Global, to become market leader.

The $19 billion tie-up was approved by regulators in December after they were persuaded that the investment pledged by the two companies outweighed concerns about a reduction to three from four networks.

Vodafone and Three said they would invest 11 billion pounds over the next 10 years . The new company's logo combines Vodafone's "speechmark" and Hutchison's "3" side by side.