9/2/2013 9:38:44 AM
Vodafone Verizon deal moves one step closer
Vodafone's $130bn sell-off of its stake in Verizon Wireless is one step closer after the operator confirmed it was in advanced discussions with US carrier Verizon.
The deal could be one of the largest in corporate history and would comprise a mix of Verizon stock and cash. While the operator warned late last night that there was 'no certainty' a deal would be reached, reports have suggested the deal could be announced today (2 September). The sell off would bring to an end 13 years of shared ownership.
The deal is likely to lead to a windfall for Vodafone shareholders, with shares up 3.5% this morning. Any sale could lead to a flurry of takeover activity in the telecoms sector, with suggestions Vodafone could make a defensive move to acquire Liberty Global to stave off a potential bid from US carrier AT&T. The American operator is keen to enter the European market.
Author: Graeme Neill