Verizon now owns 100% of Verizon Wireless

Verizon now owns 100% of Verizon Wireless
Today Verizon closed the deal with Vodafone to take control over the part of Verizon Wireless the former did not own since the original merger between Bell Atlantic, AirTouch, PrimeCo and GTE in 2000.

We have known about the deal since September and Verizon Communications, the parent of Verizon Wireless doled out $130 billion in cash and stock to acquire the 45% stake owned by Vodafone.

Verizon CEO, Lowell McAdam, issued an internal memo to Verizon employees signaling there would be significant restructuring of the company ahead. The company will be making “changes in the coming weeks to better position us to take advantage of all our capabilities to serve the customer better and create the enduring growth company that can lead the market in the years to come.”

Further into the memo, McAdam explains that there will be tighter integration of the company’s products and services, “Just as separate regional companies couldn’t meet customers’ merging need for nationwide service in 2000, neither can we provide the integrated services customers will be seeking in the next few year by staying in our separate business unites and stovepipes.”

The means more than simply offering more to customers, Big Red hopes this will open avenues of revenue to the company too. The company did just write a huge check after all.

source: The Wall Street Journal

FEATURED VIDEO

10 Comments

1. rodneyej1

Posts: 3576; Member since: Jul 06, 2013

I wish I owed just 1%.....

3. networkdood

Posts: 6330; Member since: Mar 31, 2010

RODNEYEJ1!!!! Hey bud, I saw the new Jack Ryan movie - he was using a Windows phone, while his fiancee was using the tiny iphone...gotta say that the Windows phone looked pretty nice in the movie...

9. rodneyej1

Posts: 3576; Member since: Jul 06, 2013

Lol!! It's funny how uncommon WP devices are.. People are like "hey I actually saw one!!!"" Could you tell which one it was??

2. networkdood

Posts: 6330; Member since: Mar 31, 2010

So, significant restructuring? As in layoffs?

4. Droid_X_Doug

Posts: 5993; Member since: Dec 22, 2010

Layoffs are the inevitable result when companies are acquired. No need for separate billing functions for example. Verizon's non-wireless business isn't exactly customer-friendly, so maybe they will get 'restructured' as well. In any event, time to pay back the banks for the funds used to acquire Vodafone's VZW stake.

10. Kishin

Posts: 706; Member since: May 30, 2013

Only if T-Mobile could be T-mobile 100%

12. icarus130

Posts: 4; Member since: Jun 19, 2013

this won't be good for VZW employees or customers. Look at how Landline has run their business for years now, then add VZW's existing issues. Plus the fact that they'll need to recoup that 130 Billion & they'll want to do it asap.

13. Augustine

Posts: 1043; Member since: Sep 28, 2013

Why is it that European owners are running away from the US market? DT wants to dump T-mobile US, Vodafone dumped Verizon, Virgin barely tipped its toes as a MVNO and butted out. What gives?

14. Beholder88

Posts: 86; Member since: Mar 30, 2012

Verizon Wireless recently announced the closure of 5 call centers in the US effecting over 5,000 employees. I'll be one of them.

15. corporateJP

Posts: 2458; Member since: Nov 28, 2009

At some point the scales will tip. When Americans no longer have jobs, they can no longer pay for products and services (i.e.: Verizon's overpriced service). I wish you luck, but a lot of us are riding the proverbial Titanic right now...

Latest Stories

This copy is for your personal, non-commercial use only. You can order presentation-ready copies for distribution to your colleagues, clients or customers at https://www.parsintl.com/phonearena or use the Reprints & Permissions tool that appears at the bottom of each web page. Visit https://www.parsintl.com/ for samples and additional information.