February 21, 2014 / 3:45 PM / 5 years ago

Vodafone says Verizon Wireless deal completes

LONDON, Feb 21 (Reuters) - 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 share owned.

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.

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