VodafoneThree, the name of the combined business, has now pledged to invest a whopping £11 billion in the next 10 years, with the aim of creating "one of Europe’s most advanced 5G networks".

The company also hopes to give "millions of customers and businesses up and down the country a vastly superior mobile experience".

Margherita Della Valle, Vodafone Group Chief Executive, said: "The merger will create a new force in UK mobile, transform the country’s digital infrastructure and propel the UK to the forefront of European connectivity.

"We are now eager to kick off our network build and rapidly bring customers greater coverage and superior network quality. The transaction completes the reshaping of Vodafone in Europe, and following this period of transition we are now well-positioned for growth ahead."

VodafoneThree is 51 per cent owned by Vodafone and 49 per cent by K Hutchison Group Telecom Holdings Limited (CKHGT).

Canning Fok, Deputy Chairman of CK Hutchison and Executive Chairman of CKHGT, added: "As we have demonstrated in other European markets, scale enables the significant investment needed to deliver the world-beating mobile networks our customers expect, and the Vodafone and Three merger provides that scale.

"In addition, this transaction unlocks significant shareholder value, returning approximately £1.3 billion in net cash to the Group."