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Vodafone exits Verizon Wireless for $130bn

Vodafone is to exit Verizon Wireless for $130 billion, it has been confirmed.

The deal, understood to be the third largest in corporate history, will see Verizon pay the UK operator the sum for its 45% stake in the US joint venture broadband giant, after the American firm succeeded in raising $65bn in cash from four banks for the sale.

As a result of the deal, for which Verizon has campaigned for years, Verizon is expected to develop its mobile offering in the US, while Vodafone develops its European business. This could include the takeover of Liberty Global, owner of UK cableco Virgin Media.

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