Washington, Feb. 22: Verizon Communicatons is now owner of its mobile business after the acquisition of Vodafone Group’s stake in Verizon Wireless has completed.
The company shelled out 130 billion dollars in cash and stock for the 45 percent minority stake in Vodafone, giving it 100 percent ownership of the largest US mobile operator.
According to PC World, Verizon had been running Verizon Wireless as a joint venture with the London-based Vodafone, but post the deal, it gets both full control of the mobile business and full access to its profits as it would add about 10 percent to Verizon’s earnings per share, excluding adjustments.
Verizon said that the buyout would enhance its ability to offer “seamless and integrated services” and also make it more efficient and give it more financial flexibility, the report added. (ANI)