British telecom major Vodafone is in talks with US-based Verizon Communications to sell its 45 per cent stake in Verizon Wireless estimated to be worth over USD 100 billion.
"Vodafone notes the recent press speculation and confirms that it is in discussions with Verizon Communications Inc. regarding the possible disposal of Vodafone's US group whose principal asset is its 45 per cent interest in Verizon Wireless," the company said in a statement.
It, however, added there is no certainty that an agreement will be reached.
Verizon owns a controlling 55 per cent stake in Verizon Wireless and Vodafone owns the remaining 45 per cent.
Meanwhile, according to a Wall Street Journal report, the two companies have resumed talks about a buyout of Vodafone's stake in their US wireless joint venture following significant shifts in financial markets, such as rising interest rates as well as changes in the US cellphone business.
Earlier also, the two companies had talked about a sale but they did not reach an agreement on price. Verizon was looking to pay around USD 100 billion while Vodafone hoped for USD 130 billion, the report said quoting people familiar with the deal.
Vodafone's share price surged 8.37 per cent at 10:45 AM on the news to trade at 204.98 pence.
