Vodafone to sell Verizon stake
August 29, 2013
Vodafone has confirmed it is in talks with Verizon over the sale of its 45 per cent stake in their joint venture, Verizon Wireless. Reports earlier this year suggested that Verizon was looking to buy Vodafone’s stake in Verizon Wireless for about $100 billion.
Shares in Vodafone jumped 9 per cent following the company’s announcement.
Vodafone said “Vodafone notes the recent press speculation and confirms that it is in discussions with Verizon Communications regarding the possible disposal of Vodafone’s US group whose principal asset is its 45 per ecnt interest in Verizon Wireless. There is no certainty that an agreement will be reached.”
Verizon Wireless is the largest and most profitable phone operator in the US, with 100 million customers.