Vodafone sees Verizon deal finalized around early March
NEW YORK Dec 10 (Reuters) - Vodafone Group Plc expects to close the $130 billion sale of its 45 percent stake in Verizon Wireless to Verizon Communications and that shareholders will have received the proceeds of the deal by early March in line with the companies' target for a first quarter close.
The companies announced a cash and stock deal on Sept. 2 after Verizon, which already controls Verizon Wireless, tried for roughly a decade to buy the Vodafone stake.
While Vodafone noted that some dates could be subject to change, it said in a timetable posted online on Tuesday that the transaction is expected to be completed in late February after which it aims for cash payments to be made to its shareholders for the deal on March 4.
Shareholders of both Vodafone and Verizon, already the majority owner of Verizon Wireless, are expected to vote on the deal roughly a month before on Jan. 28. Verizon said on Dec. 4 that it had won approval for the deal from U.S. regulators.
Vodafone has said it would return about $84 billion, or about 71 percent of the net proceeds of the deal, to its shareholders and use the rest to invest in its network.
Verizon has said that it hopes full ownership of the No. 1 U.S. wireless service provider will give it more flexibility and opportunities to integrate the business with its wired network.
- Co-pilot spoke last words heard from missing Malaysian plane |
- Crimea asks to join Russia after Soviet-style vote |
- Crimeans vote over 90 percent to quit Ukraine for Russia |
- Ukraine, Russia agree Crimea truce until March 21-Ukraine minister
- Global stocks rise, yen slips after peaceful Crimea vote |