Vodafone completed its £4.3 billion cash buyout of CK Hutchison’s 49% stake in VodafoneThree in the UK. AT&T closed its $23 billion deal for 30 MHz of 3.45 GHz spectrum and 20 MHz of 600 MHz spectrum from EchoStar.
Vodafone now owns the UK joint venture outright
The transaction gives Vodafone full control of its UK joint venture and makes it the largest single operator in the UK. Vodafone said its multi-brand strategy will remain unchanged.
Leverage and savings on Vodafone’s side
Vodafone said the deal will increase its leverage by around 0.4 times annual EBITDAaL. Vodafone said the acquisition will save £700 million per year in operating and capital expenditure by the end of March 2030.
AT&T takes the EchoStar spectrum
EchoStar/Dish is preparing for bankruptcy. Starlink has taken $17 billion of AWS-4 and H-block licenses and an additional $2.6 billion of AWS-3 licenses from EchoStar.
What the AT&T spectrum block is buying
The analysis suggests the mid-band block complements AT&T’s C-band and 3.45 GHz holdings as it competes with T-Mobile in urban 5G markets. The same analysis says the low-band block is intended to improve rural coverage and indoor penetration.
Read for spectrum buyers and carrier strategists
Vodafone’s UK buyout locks in full control of VodafoneThree, while AT&T’s EchoStar purchase shows how expensive spectrum is still being used to buy scale and speed. Vodafone said the acquisition will save £700 million per year by the end of March 2030, and AT&T paid $23 billion for the two spectrum blocks.