Moving swiftly on: Vodafone/Three merger Phase 1

22 March 2024

The CMA's Phase 1 conclusions document is largely as expected, extending to Phase 2 which looks set to conclude towards the end of the year.

The impact on both the retail and wholesale markets will be investigated, and the CMA will want to bed down its view of the counter-factual and the likely merger efficiencies. The impact on network sharing is also an issue, but spectrum reallocation was not mentioned.

We continue to see a solid case to allay these concerns, with the resultant capacity uplift key to both the wholesale and retail markets.

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