LONDON Feb 21 British mobile company Vodafone
said on Friday that its deal to sell its stake in U.S.
operator Verizon Wireless completed, triggering a $23.9 billion
cash return to shareholders.
Shareholders of both Vodafone and Verizon Communications Inc
approved Verizon's $130 billion takeover of the pair's
Verizon Wireless venture in January, paving the way for the
third biggest deal in corporate history.
Vodafone shareholders will be paid the equivalent of $0.49
for each existing ordinary share in addition to a distribution
of Verizon shares, detailed earlier in February.
Vodafone said on Wednesday, that in an illustrative example,
based on share prices and exchange rates at the close of
business on Feb. 18, a Vodafone investor would receive proceeds
of 72 pence in Verizon shares and 30 pence in cash for each
Where shareholders are due to receive their cash in sterling
or euro, the exact amount received will depend on exchange rates
next week, the company said.
The company said that a court approved the final elements of
the deal, which included Vodafone's related acquisition of the
outstanding minority stake in Vodafone Italy.