As Karen Egan at Enders Analysis argued: “It is heartening to see that the CMA has taken the time to get to grips with the complexities of the industry”, so allowing a probable decision “counter to the knee-jerk assumption that four to three mergers are anti-competition”. True, network integration is hard, not least when cost cuts hurt staff morale. And the regulators would need to ensure Voda/Three lived up to its promises, with penalties for poor delivery. But the pair have a case that their merger is “pro-growth, pro-customer and pro-competitive”. The CMA is right not to hang up on this four-to-three deal.