Quick Note: Verizon Communications Wants to Buy Vodafone's Wireless Stake for $130B
August 30, 2013 11:24 AM
comment(s) - last by
An announcement could come as soon as September 2
Verizon Communications Inc. is looking to finally push along a
purchase of Vodafone's stake
in Verizon Wireless.
The Wall Street Journal
, Verizon Communications wants to buy Vodafone's 45 percent stake in Verizon Wireless for about $130 billion USD.
The report noted that Verizon is currently working with multiple banks with the intention of getting $10 billion from each. The idea is to fund $60 billion of the deal this way.
Back in April, Verizon was contemplating a $100 billion bid and a 50/50 cash and stock offer for the 45 percent stake, but advisers said this figure was too low, valuing the Vodafone holding at about $120 billion USD.
An announcement is expected as soon as September 2.
Verizon Communications was created in 2000 when Bell Atlantic Mobile and GTE Wireless merged. Bell then struck a deal with Vodafone where it invested $49.5 billion USD and Vodafone threw in $40.5 billion USD to create a wireless network.
Verizon Communications almost succeeded in buying out Vodafone's stake four years later, but the deal depended on Vodafone's bid to buy AT&T Wireless -- which would have forced it to let go of the Verizon Wireless stake. In the end, Cingular beat out Vodafone's bid for AT&T and Vodafone stuck with Verizon Wireless.
This article is over a month old, voting and posting comments is disabled
8/30/2013 3:40:15 PM
This wouldn't really make them any larger. It's just Verizon buying out Vodafone's current partial ownership of Verizon Wireless.
"So if you want to save the planet, feel free to drive your Hummer. Just avoid the drive thru line at McDonalds." -- Michael Asher
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