Telecomms and ISP provider Three UK has agreed to buy UK Broadband Limited for £300m.
The transaction, which is yet to close, will see UK Broadband Limited become a wholly owned subsidiary of Three UK.
Three UK will pay £250m upon completion, while a £50m payment will be available as credit towards a mobile virtual network operator agreement on Three’s network.
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 to its website, Three UK, founded in 2003, claims to carry 35% of the United Kingdom’s mobile data.
Part of CK Hutchinson Holdings Ltd’s group of companies, Three UK employs over 5,000 people spread out across offices in Maidenhead, Glasgow, Reading and 324 retail locations.