Vodafone, Hutchison plan Australia phone merger

LONDON: British mobile phone giant Vodafone said today it had agreed to merge its businesses in Australia with Hutchison Telecommunications, a unit of Hong Kong group Hutchison Whampoa.

Vodafone and Hutchison Telecommunications will each hold 50 per cent of the joint venture, the pair said in a statement.

Vodafone will receive a deferred payment of 500 million Australian dollars (USD 342 million, 262 million euros), "to equalise the value difference between the respective businesses," it added.