--- title: "香港首富李嘉誠的長和以 58 億美元退出與沃達豐的合資企業" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/285485715.md" description: "長和（CK Hutchison）由億萬富翁李嘉誠領導，正在以 58 億美元的價格將其在沃達豐三（VodafoneThree）中的股份出售給沃達豐集團（Vodafone Group）。這一交易比預期提前，將增強沃達豐在英國的數字基礎設施。長和的股價上漲超過 4%，而沃達豐的股票上漲了 2%。該交易將增加沃達豐的淨債務比率，但分析師對此持積極看法。該交易尚待英國監管機構的批准，預計將在 2026 年下半年完成" datetime: "2026-05-07T04:57:20.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/285485715.md) - [en](https://longbridge.com/en/news/285485715.md) - [zh-HK](https://longbridge.com/zh-HK/news/285485715.md) --- # 香港首富李嘉誠的長和以 58 億美元退出與沃達豐的合資企業 VodafoneThree is currently owned 51% by Britain's Vodafone Group, which has agreed to buy the stake for 4.3 billion pounds (US$5.8 billion), and 49% by Hong Kong-based conglomerate CK Hutchison Group Telecom Holdings, the companies said on Tuesday. Shares of CK Hutchison were up more than 4%, hitting their highest level in over six years, while Vodafone stock rose 2% to the highest since August 2022. Billionaire Li Ka Shing in 2018. Photo by Reuters The joint venture combined Vodafone's British unit with Hutchison's Three, leapfrogging rivals ⁠BT's EE and O2, owned by Telefonica and Liberty Global, to become market leader. **'Right time' is sooner than expected** Vodafone had an option to take full ownership three years after completion, but the deal has come sooner than expected. "We believe now is the right time to take full ownership of VodafoneThree, enabling us to move at an even faster pace to transform the UK's digital infrastructure and realise value for our shareholders," Chief Executive Margherita Della Valle said. Analysts at Barclays said the deal was earlier than anticipated but the price was attractive. Share buybacks would pause, they noted, but overall they viewed it positively. VodafoneThree is investing 11 billion pounds in its network and is aiming to make 700 million pounds in savings by fiscal 2030. Max Taylor will continue to lead VodafoneThree, Vodafone said, and there will be no change to its ‌brands, which ⁠include Vodafone and Three. The deal is the latest step in Della Valle's strategy to focus on Vodafone's biggest markets, led by Britain and Germany. She has exited Spain and Italy and agreed in February to sell its 50% stake in Dutch joint venture VodafoneZiggo to Liberty Global for 1 billion euros (US$1.2 billion) and a 10% stake in a new entity. Vodafone's stock has risen 42% since she took over three years ago. The deal will increase Vodafone's net debt ⁠ratio by 0.4 times to around 2.6 times before the VodafoneZiggo contribution, although the group is targeting the bottom half of a 2.25-2.75 range. **Attractive valuation** CK Hutchison, controlled by Hong Kong's top billionaire, said the transaction would allow it to monetize its investment at an attractive valuation and generate substantial cash proceeds. The ⁠conglomerate continues to operate telecom businesses in Italy, Sweden, Denmark, Austria and Ireland, according to its website, and it holds a controlling stake in Hutchison Telecommunications Hong Kong Holdings, which provides services in Hong Kong and Macau. _Reuters_ reported in January that it was weighing listing its global telecoms business ⁠in London and Hong Kong as early as the third quarter after spinning it off, citing sources with direct knowledge of the matter. The deal is subject to UK National Security and Investment Act approval and is expected to be completed in the second half of 2026. ### 相關股票 - [VOD.UK](https://longbridge.com/zh-HK/quote/VOD.UK.md) - [00001.HK](https://longbridge.com/zh-HK/quote/00001.HK.md) - [CKHUY.US](https://longbridge.com/zh-HK/quote/CKHUY.US.md) - [VOD.US](https://longbridge.com/zh-HK/quote/VOD.US.md) - [TEF.US](https://longbridge.com/zh-HK/quote/TEF.US.md) - [VIV.US](https://longbridge.com/zh-HK/quote/VIV.US.md) - [LBTYA.US](https://longbridge.com/zh-HK/quote/LBTYA.US.md) - [BARC.UK](https://longbridge.com/zh-HK/quote/BARC.UK.md) - [00215.HK](https://longbridge.com/zh-HK/quote/00215.HK.md) - [TELFY.US](https://longbridge.com/zh-HK/quote/TELFY.US.md) - [LBTYB.US](https://longbridge.com/zh-HK/quote/LBTYB.US.md) - [LBTYK.US](https://longbridge.com/zh-HK/quote/LBTYK.US.md) - [BCS.US](https://longbridge.com/zh-HK/quote/BCS.US.md) ## 相關資訊與研究 - [長和「現金為王」策略頻套現核心資產 據報擬再售電訊業務](https://longbridge.com/zh-HK/news/285472416.md) - [長和出售 VodafoneThree 股權 花旗稱增值交易 升目標價至 81.5 元](https://longbridge.com/zh-HK/news/285477927.md) - [奉行「現金為王」李嘉誠著眼於進一步出售電信資產](https://longbridge.com/zh-HK/news/285555046.md) - [長和悉售英國 VodafoneThree 49% 持股 收取逾 450 億現金「切實地將投資價值變現」](https://longbridge.com/zh-HK/news/285158353.md) - [長和據報正考慮進一步出售電訊資產，不排除將電訊資產分拆上市](https://longbridge.com/zh-HK/news/285464424.md)