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FINANCIAL CHRONICLE™ » DAILY CHRONICLE™ » Vodafone sells Verizon stake for $130bn

Vodafone sells Verizon stake for $130bn

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1Vodafone sells Verizon stake for $130bn Empty Vodafone sells Verizon stake for $130bn Tue Sep 03, 2013 2:55 am

UKboy

UKboy
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

I simply lost in numbers when I had tried converting $130 billion into rupee.
It's an amazing amount of money & more than double of Sri Lanka GDP.
Our total market cap is less than $20b.

( I just wanted to highlighted the shear amount of money involve .)

Vodafone sells Verizon stake for $130bn

Vodafone has sold its 45% stake in Verizon Wireless to US telecoms group Verizon Communications in one of the biggest deals in corporate history.

The $130bn (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange.

The company will return £54bn to its shareholders, of which £22bn will go to shareholders in the UK.

Analysts said that the funds would also allow Vodafone to invest in Europe.

How Vodafone and Verizon stack up
Vodafone:

Founded in 1985 in Newbury, Berkshire. Now has its headquarters in London
Among the four biggest companies listed on the London Stock Exchange with a market capitalisation of £92bn
One of the biggest telecoms companies in the world
Operates in 30 countries, partners with other networks in 50 more
Serves more than 403 million customers

Verizon Communications:

Launched in 1983 in Philadelphia as Bell Atlantic
Market capitalisation of $133bn (£86bn)
Operates the largest 4G wireless network in the United States.
Delivers services to customers in more than 150 countries worldwide
Founded Verizon Wireless in 2000 as a joint venture with Vodafone.


"I think Vodafone has looked at its European market and decided it needs to consolidate its business in a number of countries by buying up broadband and cable TV assets to go with its mobile businesses," said Mark Newman, telecoms analyst at consultancy Informa.

It is the third biggest corporate transaction, behind Vodafone's 1999 deal to buy Germany's Mannesmann and AOL's purchase of Time Warner in 2000.

http://www.bbc.co.uk/news/business-23933955

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