Quick Note: Verizon Communications Wants to Buy Vodafone's Wireless Stake for $130B
August 30, 2013 11:24 AM
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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.
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8/30/2013 4:57:02 PM
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