It's officially official: Verizon to buyout Vodafone for $130B, will gain full control of Verizon Wireless
It was kind of official on Saturday. It was basically official yesterday. But today, it's officially official. Verizon has confirmed that the rumored deal that would have Verizon buying out Vodafone's 45% stake in Verizon Wireless is going to happen. Verizon has agreed to pay $130 billion in cash and stock to buyout Vodafone, which would finally give Verizon full control of Verizon Wireless.
In an official statement on the deal, Verizon CEO Lowell McAdam said:
This transaction will enhance value across platforms and allow Verizon to operate more efficiently, so we can continue to focus on producing more seamless and integrated products and solutions for our customers. We believe full ownership will provide increased opportunities in the enterprise and consumer wireline markets.
Vodafone first invested in Verizon Wireless back in 1999, when it bought a 45% stake in the company for $70 billion. Verizon is expecting that this deal to buyout Vodafone will be completed as soon as Q1 2014, depending on any regulatory investigations.