Vodafone has confirmed that it has moved to advanced talks to sell its Verizon stakes, amounting to 45% to the US cellphone provider for a whopping $130 billion in cash and stock. If the deal does go through it would become the second-largest one such on record. For Verizone the going through of the deal will mean that it would own the wireless service outright.
Deal still Uncertain
In a statement issued on Sunday, Vodafone said that whether the deal will be finalized or not is not yet certain. Verizon Communications on its part also declined to comment on the issue.
But should the deal be finalized, it would prove beneficial to both the companies. Vodafone would get the cash it needs to pursue its plans of expansion in Europe, whereas for Verizone the deal would up its quarterly earnings.
On the whole, the deal will not affect Verizone’s operations since Vodafone had little say in these matters.