Verizon will complete the buyout of Vodafone’s stake in the company today

Posted on Feb 21 2014 - 10:00am by Valerie Richardson

Verizon Wireless

Verizon Wireless was started as a joint venture between Verizon Communications and Vodafone with 55 and 45% of the stake respectively. But in December, Verizon Communications proposed to buy back Vodafone’s stake in the company as part of a deal worth $130 Billion. Today, the two companies will formally sign the papers bringing an end to Vodafone’s partnership with America’s largest carrier. This will make Verizon Communications the sole owner of Verizon Wireless, much to the joy of investors and shareholders. With this buyout, Vodafone will slip down to become the fourth biggest carrier in the world (previously second) behind China Mobile, AT&T and Verizon.

A spokesperson for Verizon, Robert Varrettoni confirmed that the deal is being finalized today, so we might have official confirmation from either carrier soon. With Vodafone now free from Verizon Wireless, it is being speculated that AT&T will look to acquire the UK based carrier. The CEOs of Vodafone and AT&T are expected to be present during the MWC event, where a potential discussion could take place. We’ll keep you updated for more on this possible acquisition.

Via: Bloomberg

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About the Author

26 year old tech writer based in London, UK. Have prior experience working with major media conglomerates. I'm also a lover of all things tech. Well, basically anything with a display and a power button on it.