Liberty Global, the Irish-American telecoms group owned by billionaire John Malone, is reportedly in advanced talks to acquire Three Ireland from Hong Kong-based conglomerate CK Hutchison for up to €1.5 billion, according to industry sources and the Financial Times. Spokespersons for Liberty Global and Three Ireland declined to comment.
Market analysts and legal experts suggest that the transaction would consolidate Ireland’s telecoms market without raising significant antitrust issues. Three Ireland, the country’s largest mobile operator, holds a 49.4% share of the mobile market, including mobile broadband, while Virgin Media ranks third in fixed broadband with a 20.4% share and operates a small mobile business of 1.3% that relies on Three’s network.(IrishTimes)
“This transaction would offer synergies without having an anticompetitive element, given the focus of both companies,” said Ronan Dunne, head of competition, regulated markets and EU law at Philip Lee. “It could arguably improve the offering for consumers from a competitive standpoint through potential bundling of products, allowing it to compete more with the likes of Vodafone and Eir.”
Both Virgin Media and Three Ireland reported losses in 2024, reflecting sector-wide pressures from slow revenue growth and high network upgrade costs. The deal comes a dozen years after CK Hutchison backed Three Ireland’s acquisition of O2 Ireland from Telefónica for €850 million, and a decade after Virgin Media—then UPC—entered the mobile market through a network-sharing arrangement with Three to satisfy European Commission regulators.
Industry observers note that Ireland may have more telecoms operators than the market can comfortably support, but the proposed combination is unlikely to trigger regulatory hurdles because of the complementary nature of the companies’ operations—Three has no fixed broadband, while Virgin Media has a minimal mobile presence.
CK Hutchison has been gradually reducing its European telecoms exposure amid challenging market conditions, having merged its Three UK unit with Vodafone UK last year in a £16.5 billion (€18.9 billion) deal and explored sales of its Swedish and Danish operations. The company is also considering an initial public offering of its global telecoms business.
John Malone, 84, built Liberty Global through decades of strategic acquisitions in cable and media. Beyond telecoms, he holds substantial Irish property assets, including stakes in the MHL Hotel Collection, as well as land holdings such as Humewood Castle in County Wicklow and Castlemartin in County Kildare.
If completed, the proposed acquisition would strengthen Liberty Global’s footprint in Ireland while streamlining a competitive but fragmented telecoms market.