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Vodafone and Verizon boards call $130bn deal

The boards of Verizon and Vodafone could report back as early as today on their decisions on a $130 billion deal that would give Verizon full ownership of the Verizon Wireless joint venture, according to Reuters.

Liberty Global shares jumped last week on the back of speculation that Vodafone may bid for the cable giant after it exits Verizon Wireless.

However, Reuters say Vodafone shareholders are divided on the issue.

The Verizon Wireless deal would mean success for Verizon’s decade-long effort to win full control of the US market-leading wireless provider – and UK mobile giant Vodafone’s exit from a joint venture going back to 2000 in which it has held a 45% stake.

A $130 billion deal would be the third-largest corporate acquisition of all time.
Reuters sources said Verizon plans to pay for half of the purchase with its own stock, with the other half funded by debt.

Because Verizon already has operational control of the wireless company, the deal is not expected to create any changes for its customers.

Vodafone is the world’s second largest mobile operator. Its Verizon Wireless exit, expected by mid-2014, could mean reinvestment in Liberty Global – which itself acquired UK cable giant Virgin Media earlier this year.

Vodafone acquired Cable & Wireless worldwide in 2012 and German cable operator Kabel Deutschland in June this year.

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