SYDNEY, 10 FEBRUARY 2009 - The merger will see each company take a 50 per cent stake in a venture to be named VHA Pty Ltd.
VHA will market its products and services under the existing Vodafone brand, and retain the exclusive rights to the 3 brand, which is owned by Hutchison.
The merger still needs to approval of Hutchison Australia shareholders and the Australian Competition and Consumer Commission (ACCC), but the transaction is expected to be completed by mid-2009.
Hutchison Australian chief executive Nigel Dews said during a teleconference the merger will result in redundancies, but did not say how many jobs would be cut.
"There will be redundancies, and we'll be dealing with those as we get our plans more fully into place," Mr Dews said.
"There's synergies across all areas, but the vast majority of those would be in overhead areas as distinct from the front line."
The two companies combined have a total of approximately 3,700 jobs, the majority with Vodafone, the companies said.
They also own a combined total of over 400 retail outlets.
Mr Dews said the number of store closures would be a matter for future planning.
"In the end it's a matter for the detailed planning that we'll undertake in the next few months to work that out precisely."
