Verizon Communications Inc. has entered into a definitive agreement to acquire Vodafone Group Plc?s 45 per cent stake in their US-based joint venture company, Verizon Wireless for $130 billion.
The deal has been approved by the boards of directors of Verizon Communications Inc. and Vodafone Group Plc. The deal is expected to be concluded in the first quarter of 2014, subject to approval by both the companies? shareholders and regulatory approvals.
Following the deal, Verizon Communications Inc. will own 100 per cent stake in Verizon Wireless. As a wholly-owned entity, Verizon Wireless is expected to capitalise on the exponential growth expected in wireless, video and broadband services over the next few years.
