Verizon has reached a deal for $130 billion to buy out Vodafone’s 45 percent stake in Verizon Wireless.
As we reported last week, reports were indicating that Verizon had once again begun speaking with Vodafone about buying out its stake in Verizon Wireless. Sources speaking with The Wall Street Journal said that Verizon has partnered up with JPMorgan Chase, Morgan Stanley, Barclays and Bank of America/Merrill Lynch to come up with a mix of bonds and bank loans to raise the necessary funds for the buyout.
According to Reuters, the deal calls for Verizon to purchase Vodafone Americas, the company’s U.S. holding company, along with an assortment of other assets. In addition, Verizon Wireless will sell off its European assets to Vodafone.
This deal marks the third-largest deal in corporate history. It also marks the departure of British carrier Vodafone from the U.S. cellphone market.
Neither Verizon or Vodafone are offering any comment on the deal at this time, and no date has been announced as of yet for when the deal will be completed.