In the United States, Verizon is reportedly in the process of signing off on a deal with Vodafone to purchase a 45 percent stake in Verizon Wireless for $130 billion. Though the deal hasn’t been finalized, it’s been said that we could hear confirmation of the agreement come as early as Monday (Sept. 2, 2013), in a move that would constitute the second-largest ever of its kind.
Verizon will pay roughly $130 billion for Vodafone’s 45% stake in Verizon Wireless, one of the people said. The terms still needed to be approved by the companies’ boards, but if all goes well a deal could be announced as soon as Monday afternoon, the people said.
Vodafone’s board was meeting Sunday to discuss the deal, and Verizon’s board was to meet after hearing the result, people familiar with the matter said.
As a reminder, Verizon Wireless was formed in 2000 by Verizon and Vodafone: the carrier is the largest in the United States with 110 million subscribers, and during the last quarter it generated some $29.8 billion in revenue. Thanks to its impressive 4G LTE rollout in the United States, Verizon was recently crowned the nation’s “most reliable” network by an independent PCMag study.
The $130 billion deal will reportedly be paid by Verizon in both cash and stock, The Wall Street Journal claims. We’ll keep you updated with further information on the agreement as we receive it.
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