Vodafone is selling its European assets, most recently in Italy and Spain, at a tearing pace. One deal, however – the proposed merger of Vodafone UK with Hutchison’s Three UK – is subject to a full-blown antitrust review and now “hangs on a knife edge.” Whether or not Vodafone succeeds in rationalizing its UK holdings, the sales of its Italian and Spanish divisions are part of a profound transformation of the UK-based group over the past few years, which is likely to see Vodafone increasingly looking for revenues from other operators via its huge platform developments. Vodafone’s recent sale of its Italian operation to Swisscom marks the “third and final step in reshaping our European operations,” according to CEO Margharita…