https://techcrunch.com/2023/06/14/vodafone-and-three-plan-to-merge-in-the-uk-in-a-19b-deal-if-regulators-approve/

The mobile market in Europe and the U.K. — once orchestrated to be ripe ground for competition — has been on a long-term course of consolidation, and the latest chapter in that story was made official today. Vodafone Group and Hutchison Group have announced a plan to merge their U.K. carriers, respectively the eponymous Vodafone and Three.

The companies said there is “no cash consideration to be paid” in this merger and it would also include debt from both businesses.