The U.K.'s Competition and Markets Authority said Tuesday that Vodafone and Three's £15 billion ($19.5 billion) merger will likely be approved if the two firms proceed with billions of pounds of infrastructure investment and add customer protections.

The Competition and Markets Authority (CMA) said the merger of Vodafone and Three has "the potential to be pro-competitive for the UK mobile sector".

The £15 billion merger between Vodafone and Three in the UK has the potential to be “pro-competitive” if the mobile networks commit to investing in the country’s infrastructure and avoid early price increases,