News Articles

Verizon to Buy Vodafone's Stake in Verizon Wireless for $130 Billion

Verizon says deal, which centers on a key cable wireless partner, will boost its ability to link mobile and wireline services 9/02/2013 01:13:54 PM Eastern

Following weeks of recent speculation, Verizon Communications and Vodafone pulled the trigger Monday on a deal in which Vodafone will sell its 45% stake in U.S. mobile giant Verizon Wireless to its longtime partner in a deal valued at $130 billion.

Under the deal, Verizon Communications come away with a 100% stake for $58.9 billion in cash, $60.2 billion in Verizon stock to be distributed to Vodafone shareholders, and another $11 billion from other transactions tied to the main deal, including the issuance of $5 billion in notes payable to Vodafone, Verizon's shedding its 23.1% minority stake in Vodafone Omnitel N.V. to Vodafone for $3.5 billion, and $2.5 billion of the deal's value to be a "combination of other consideration."

To fund the cash portion, Verizon has secured a $61 billion bridge credit agreement with J.P. Morgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., Bank of America, N.A. and Barclays.

Click here to read the full story at

Want to read more stories like this?
Get our Free Newsletter Here!
There are no events.