Verizon and Vodafone have reached an agreement on a $130 billion deal that gives Verizon total control of Verizon Wireless, the Wall Street Journal is reporting. Verizon has taken Vodafone’s 45% stake in Verizon Wireless, which was founded as a joint venture between the two companies in 2000.
Verizon and Vodafone’s boards were set to vote on the deal this weekend, which Reuters reported is the third largest corporate acquisition ever and one that removes Vodafone from the US market.
News of this deal goes back to April, when it was reported that Verizon was preparing a $100 billion cash and stock bid. The company already had operational control of Verizon Wireless.
On Saturday, Reuters reported that Verizon planned to pay for the purchase with its own stock and a mixture of bonds and bank loans raised with the help of JPMorgan Chase & Co, Morgan Stanley, Barclays Plc, and Bank of American Merrill Lynch. As to Vodafone, top investors were split on wanting to return the cash and dividends and wanting to invest it.
Updating.
via TechCrunch http://feedproxy.google.com/~r/Techcrunch/~3/tF7Ifmh4Kg4/
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