Verizon to end decade-long Vodafone clash with $130 billion deal [updated]

Verizon Vodafone Buyout

Verizon and Vodafone reportedly came to terms over the weekend and will jointly announce an historic deal on Monday in which Verizon will exchange $60 billion in cash, $60 billion in stock and $10 billion in smaller transactions for Vodafone’s 45% stake in Verizon Wireless. The $130 billion deal will bring an end to years of clashing corporate cultures and will finally see Verizon take over complete control of the United States’ largest wireless carrier. Verizon Wireless was formed in 2000 but Verizon and Vodafone butted heads almost immediately, and Reuters notes Verizon even withheld dividends from Vodafone for a six-year stretch in an effort to force the company to sell its stake. The tactic failed, however, and Vodafone’s persistence will certainly pay off on Monday.

UPDATE: The deal is now official.

Source:
Reuters
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