Vodafone and CK Hutchison, which owns the Three UK mobile network, have agreed to merge their businesses in the United Kingdom, the companies announced on Wednesday.

Vodafone will own 51 percent of the combined company, with CK Hutchison holding the minority stake.

“This long-awaited mega-merger represents the biggest shake-up in the UK mobile market in over a decade,” said Kester Mann, director for consumer and connectivity at CCS Insight, in an email, according to an IANS report from San Francisco.

“Because both providers are small, the deal makes a lot of sense. It would have been nearly impossible for either company to grow large enough organically to compete with BT or Virgin Media O2. However, widespread concern about job losses is unavoidable,” Mann added.

Current Vodafone UK CEO Ahmed Essam will lead the new company, while current Three UK Chief Financial Officer (CFO) Darren Purkis will take over as CFO of the merged company.

The merger is expected to complete before the end of 2024 and remains subject to regulatory and shareholder approvals — with some analysts questioning whether it will pass the finish line.