CK Hutchison has agreed to exit its joint venture with Vodafone Group, selling its stake in one of the United Kingdom's largest mobile operators for $5.8 billion.

The transaction will give Vodafone Group full ownership of VodafoneThree, the joint venture that operates as a major mobile network provider in the UK market. The Hong Kong-based conglomerate CK Hutchison had been a key partner in the venture alongside the British telecommunications company.

The deal represents a significant divestment for CK Hutchison, which has been reshaping its telecommunications portfolio in recent years. The $5.8 billion price tag reflects the substantial value of the UK mobile operations in a competitive market dominated by several major carriers.

VodafoneThree has established itself as one of the leading mobile network operators in Britain, competing with other major providers for market share in both consumer and business segments. The transition to full Vodafone ownership is expected to streamline operations and decision-making for the mobile network.

The transaction is subject to standard regulatory approvals and closing conditions typical for deals of this magnitude in the telecommunications sector.