 "Verizon agrees to $130-bn Vodafone deal")
Verizon Communications Inc agreed to acquire Vodafone Group Plc’s 45 per cent stake in Verizon Wireless in a $130 billion transaction that gives it full control of the most profitable US mobile-phone carrier.
The deal has been approved by both companies’ boards and is expected to be completed in the first quarter of 2014, according to a statement on Monday. Verizon will pay Vodafone $58.9 billion in cash, financed with credit from JPMorgan Chase & Co, Bank of America Corp, Barclays Plc and Morgan Stanley. The company also will issue $60.2 billion in stock to Vodafone shareholders.
The acquisition ends a 14-year partnership and will let Verizon collect all the future profits from the wireless unit while allowing Vodafone to exit a business whose dividends and operations it didn’t control.
The deal has been approved by both companies’ boards and is expected to be completed in the first quarter of 2014, according to a statement on Monday. Verizon will pay Vodafone $58.9 billion in cash, financed with credit from JPMorgan Chase & Co, Bank of America Corp, Barclays Plc and Morgan Stanley. The company also will issue $60.2 billion in stock to Vodafone shareholders.
The acquisition ends a 14-year partnership and will let Verizon collect all the future profits from the wireless unit while allowing Vodafone to exit a business whose dividends and operations it didn’t control.
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