Vodafone shareholders recently voted and ultimately approved Vodafone’s plans to sell off its 45 percent stake in Verizon Wireless to Verizon Communications, The Guardian reported Tuesday. According to Vodafone, 99.61 percent of the shareholders who voted did so in approval of the transaction.
Meanwhile, Verizon Communications also announced Tuesday that its shareholders have approved a deal to issue “up to” an additional 1.28 billion shares of common stock in its bid to raise the cash to acquire Verizon Wireless. “Acquiring Vodafone’s stake in Verizon Wireless will provide Verizon with greater financial flexibility to invest in new technologies and address evolving customer demands,” Verizon CEO and chairman Lowell McAdam said. “This is critical because we believe that, when it comes to wireless growth, we are just getting started.”
Verizon re-iterated that it already has received the Federal Communication Commission’s nod of approval for the transaction, though it is still waiting for the green light from the High Court of Justice of England and Wales. Once that comes through, the deal should close “on or about” Feb. 21, 2014, Verizon said.