CK Hutchison Exits Vodafone Joint Venture for $5.8 Billion
By Kimberley Kao
Vodafone Group will take full ownership of its joint venture with CK Hutchison after the Hong Kong conglomerate agreed to sell its stake in one of the U.K.'s largest mobile operators for more than US$5 billion.
CK Hutchison will sell its 49% stake in VodafoneThree for 4.30 billion pounds, equivalent to US$5.82 billion, to Vodafone through a share cancellation, the companies said Tuesday.
The companies first announced the VodafoneThree joint venture in 2023.
CK Hutchison expects to recognize a net gain of about 4.7 billion Hong Kong dollars, equivalent to US$600 million, it said. Its exit from the telecom venture comes as it moves to cut debt and strengthen its balance sheet.
CK Hutchison said the substantial cash proceeds will help strengthen the company's financial position by boosting cash reserves and reducing debt. It will also use the funds for business expansions, potential future acquisitions and infrastructure upgrades.
Write to Kimberley Kao at kimberley.kao@wsj.com
(END) Dow Jones Newswires
May 05, 2026 01:09 ET (05:09 GMT)
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