Verizon set to buy Vodafone for $130 billion

The US-based phone company Verizon Communications is reportedly set to acquire the UK-based Vodafone Group PLC for 130 billion dollars.

The deal which still needs to get a go ahead from the boards of both companies will see Verizon buy Vodafone half in cash and half in stock.

According to Fox News, Vodafone owns a 45 percent stake in Verizon Wireless, the largest cell-phone carrier in the US, as a result of a partnership that begun in 1999.

Verzion had tried earlier to acquire Vodafone a number of times but to no avail, the report added.