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VOD Equity Moves Lower, Spreads Unchanged On CK Hutchinson JV Inquiry

COMMUNICATIONS
  • CMA has launched a formal merger inquiry on the planned JV between Vodafone Group Plc and CK Hutchison Holdings Limited. Phase 1 decision deadline set for 22 March 2024.
  • The deal had previously received EU approval in early-December – earlier efforts had been delayed by Brexit.
  • We see no major moves in VOD yields on screen since the announcement though their equity has moved 0.4% lower (still +0.7% DoD)
  • We view this as credit negative – the transaction had broadly been taken as a positive given that it would likely be leverage neutral. VOD does not have a large fibre offering and so the deal presented a way to strengthen their mobile position while accelerating their 5G rollout.
  • Potentially the deal could be seen as bullish for BT given the reduced competition though this would be unlikely to impact spreads.
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