Verizon buys Vodafone’s stake in Verizon Wireless for $130 million
Verizon Wireless have announced that they have closed deal to pay $130 million to Vodafone to buy out Vodafone’s 45% stake in Verizon Wireless. Verizon paid part of the amount in cash ($6.6 million) and by giving 1.2 billion Verizon shares to Vodafone shareholders. This deal gives Verizon 100% control over their network, the largest in USA.
“Over the past 14 years, Verizon Wireless has become the largest and most profitable wireless company in the U.S., and this could not have been achieved without the successful partnership between Verizon and Vodafone” said Verizon CEO Lowell McAdam. “Acquiring Vodafone’s stake in Verizon Wireless provides us with opportunities for greater financial flexibility, enhanced operational efficiency and innovations that will benefit customers. We are confident it will fuel further growth in our business.”
