Vodafone considered joint takeover of Phones 4U
UK telecoms group Vodafone contemplated a joint takeover of UK phones retailer Phones 4U in the summer before quickly dropping the idea, Sky News reported. Sky said it had learnt from an individual close to the talks that, in a June meeting with Phones 4U advisors, Vodafone management had discussed the idea of a takeover of the retailer in partnership with rival EE. Follow-up talks between Vodafone and Phones 4U suggested the former could go it alone if EE did not want to take part, it said. The talks ran parallel to discussions in the summer about extending a distribution contract with Vodafone.
Phones 4U earlier on Monday said it had gone into administration following decisions in the last two weeks by Vodafone and EE, which have both said they will be withdrawing their products from Phones 4U stores in 2015. Some 5,000 jobs could be affected.
A spokesman for Vodafone confirmed acquisition talks had been held but that a deal was not feasible for commercial and regulatory reasons, Sky reported.
Sky News