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Global mobile phone companies Vodafone and Hutchison Whampoa have agreed to merge their Australian businesses into a 50-50 joint venture, the two firms said in a statement on Monday.
The new joint venture, VHA Pty Ltd, would result in a deferred payment to Vodafone of A$500 million ($338 million), the statement said. The units being merged were Vodafone Australia Ltd and Hutchison 3G Australia Pty Ltd, a unit of Hutchison Telecommunications (Australia) Ltd. (Reuters)