From Morningstar:

The UK’s competition watchdog is investigating the merger of Three UK and Vodafone Group PLC’s UK businesses for potential impact on competition. Vodafone shares increased by 1.3% in London following the news, prompting an up to 40-day review by the Competition & Markets Authority. Under the proposed deal, Vodafone will take on £4.3 billion and Three UK £1.7 billion in debt.
It was further anticipated the combined operation would create the best 5G network in Europe, contributing toward a £5 billion per year in economic benefit by 2030. However, as of Wednesday, deputy prime minister Oliver Dowden had raised concerns over “national security risks” from a UAE firm being the major shareholder in Vodafone.



Read more: CMA Probing Vodafone-Three Merger | Morningstar