Vodafone waves goodbye to the US, sells stake in Verizon

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vodafone-red-top-logo.jpgVodafone are to sell their 45 per cent stake in Verizon Wireless to Verizon Communications state new reports.

The Wall Street Journal say that a deal worth a gigantic $130 billion was agreed upon over the weekend, with Vodafone now looking to focus its efforts on the European markets.

The deal, which has been rumoured for years, is expected to be officially announced this afternoon, giving Verizon complete control over their American operations, while Vodafone will receive a big monetary boost, obviously, as well as fewer distractions across the pond.

According to Dealogic, the $60 billion cash component of the deal will make it the largest cash amount ever used in the acquisition of a company.

Antitrust regulators will have to examine the details of the deal, but with Verizon already owning the 55 per cent majority, it’s not expected to be problematic.

As for current Verizon and Vodafone customers, this behind the scenes deal shouldn’t affect the network services in any notable way, at least not immediately.

Gerald Lynch