Vodafone's £15 bn deal could spark mergers in Europe

Vodafone Group Plc won approval for a deal to create the UK's biggest mobile phone company in a major milestone for European telecommunications operators, opening the door for a potential wave of consolidation that would allow the industry to rebuild.

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Vodafone bosses had complained to regulators for years that their overly restrictive stance was hurting the industry across Europe. They argued they couldn't build the scale to keep investing in networks as consumers voraciously devour capacity for streaming and other services.

Regulators have long worried that reducing competition would lead to higher prices, meaning that Thursday's decision by the UK's antitrust watchdog to approve a £15 billion ($19.1 billion) merger with CK Hutchison Holding Ltd.'s Three isn't without risk.