TechHive: Verizon shells out $130 billion to Vodafone for mobile unit

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Verizon shells out $130 billion to Vodafone for mobile unit Sep 2nd 2013, 16:50, by Stephen Lawson, IDG News Service Verizon Communications has reached an agreement to buy Vodafone Group's 45 percent stake in its Verizon Wireless subsidiary for $130 billion. Under the deal, Verizon will take 100 percent ownership of the wireless unit, the largest mobile operator in the U.S. This will enhance its ability to offer customers "seamless and integrated services," the carrier said in a press release. The transaction has been unanimously approved by the boards of both companies and is expected to close in the first quarter of 2014, subject to customary regulatory approvals. Verizon will pay a combination of cash and stock for Vodafone's stake. "As a wholly owned entity, Verizon Wireless will be better equipped to take advantage of the changing competitive dynamics in the market and capitalize on the continuing evolution of consumer demand for wireless, video and broadband services," Verizon Chairman and CEO Lowell McAdam said in the press release. To read this article in full or to leave a comment, please click here Media files: verizon-logo-100029573-small.jpg

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