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  (Source: mncable.net)
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. 

According to 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.  

Source: Reuters



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