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

Updated Sep 2nd, 2013 12:11PM EDT
Verizon Vodafone Buyout

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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.

Zach Epstein
Zach Epstein Executive Editor

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content. Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment.

His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.