Shareholders in Vodafone are set to receive one of the biggest ever payouts from a corporate asset sale with the UK company planning to hand back some $84bn in cash and shares after striking a deal to sell its stake in its US mobile phone business.
Verizon Communications agreed yesterday to pay Vodafone $130bn in cash and stock for its 45 per cent stake in their joint venture Verizon Wireless, the largest US mobile operator.
The deal is the third-largest in corporate history and marks the denouement of a long-running stand-off between the joint venture partners over the stake. The deal will enable Verizon to take 100 per cent ownership of its main business, consolidating its position as the leading US mobile operator with 100m subscribers.
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