Three Agrees to Acquire UK Broadband Ltd for £250m

Three logo IRL storeHutchison Whampoa-owned UK telecoms and mobile internet provider Three has agreed to acquire UK Broadband Ltd, a commercial holder of national radio spectrum suitable for 4G mobile services and fixed wireless solutions.

The deal will see Three part with £250m, subject to the fulfilment of a number of conditions, and a further £50m will be made available as credit toward a mobile virtual network operator (MVNO) agreement on Three’s network. The deal is expected to be completed by the middle of 2017 – in the meantime, UK Broadband will continue to operate as it does currently.

Dave Dyson, chief executive of Three UK, said in a statement: “UK Broadband gives us an opportunity to expand our ambition to provide high quality and great value internet connectivity for UK consumers.”

According to Three, it carries 35 per cent of the UK’s mobile data traffic and its network covers 98 per cent of the UK population. It employs over 5,000 people across its Maidenhead, Glasgow and Reading offices, as well as its 330 retail stores.