Verizon and Vodafone agree on $130B buyout
There have been rumblings for a few days now that Verizon and Vodafone have been getting closer to a deal which would have Verizon buying out Vodafone's 45% stake in Verizon Wireless. As of yesterday, we knew that today would hold a vote on the matter; and, The Wall Street Journal is now reporting that the deal has been agreed to by negotiators for both sides.
The actual votes from the boards of each company have not happened yet, but those votes are expected to be little more than a formality at this point. Rather than meeting in the middle, it sounds like Verizon gave in to Vodafone's demands, and will end up paying $130 billion to buyout Vodafone. The talks had originally stalled because Verizon was trying to negotiate the price down closer to $100 billion.
As was said in our report yesterday, the deal is expected to be agreed to by the boards of each company, and the official announcement of the deal should come tomorrow.