Verizon Wireless plans to pay $8.5 bln to its parents

NEW YORK Mon Nov 12, 2012 4:10pm EST

NEW YORK Nov 12 (Reuters) - Verizon Wireless said on Monday that its board agreed to pay distributions of $8.5 billion to its parents Verizon Communications and Vodafone Group Plc .

The company, which is 55 percent owned by Verizon and 45 percent owned by Vodafone, said the distributions would be paid in one or more tranches, with each tranche paid in proportion to the owners' partnership interests.

The dividends are due to be paid on or before Dec. 31, Verizon Wireless said.

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