Vodafone has confirmed this morning that it will take full ownership of its UK joint venture VodafoneThree.

The telco announced it has agreed to buy CK Hutchison’s 49 percent stake in the company for £4.3 billion ($5.82bn).

This will see Vodafone become the sole owner of the carrier, which completed its £15bn ($20bn) merger last year.

The two companies announced an agreement to merge Vodafone and Three in June 2023, several months after reports first emerged that the two telcos were in talks over a deal.

Significantly, the deal has meant the UK market has gone from four mobile carriers to three.

Vodafone’s move to take full control of the telco was always an option as part of the JV agreement.

“A year on from the merger, the team has made remarkable progress, as we maximize the full potential of VodafoneThree and capture the significant synergies,” said Margherita Della Valle, chief executive of Vodafone Group.

“I’m delighted that we will now have full ownership of VodafoneThree as we roll out one of Europe’s most advanced 5G networks, provide the UK’s best customer experience, and drive long-term value for our shareholders.”

Since completing the merger last year, VodafoneThree has been integrating both Vodafone and Three’s respective mobile networks as part of a £11 billion ($14.66bn) investment program.

CK Hutchison entered the UK market in the early 2000s with the establishment of 3UK, before launching the network operator in 2003 as a 3G network provider.

“The company has grown from a start-up mobile operator, and through merging and forming the present VodafoneThree, has become the number one operator in the UK by subscriber numbers and a market leader in the delivery of telecommunications products and services to UK consumers,” said Canning Fok, deputy chairman of CK Hutchison and executive chairman of CK Hutchison Group Telecom Holdings.

“The present transaction now allows us to realize the value of our investment in VodafoneThree for the benefit of the Group and our shareholders.”

The transaction remains subject to regulatory approval and is expected to close in the second half of this year.