As expected, Verizon Communications and Vodafone shareholders approved an agreement for Verizon to buy Vodafone's 45 percent stake in Verizon Wireless for $130 billion. With the deal sailing toward a closing date next month, attention is now turning to what Verizon plans to do with full control of its lucrative wireless asset and what might change.
As the Wall Street Journal noted, the deal will return a windfall $84 billion, or 71 percent of net proceeds, to Vodafone shareholders, with more than two-thirds of that coming in stock. The deal is the largest single return in corporate history.
The deal is made up of $58.9 billion in cash and $60.2 billion in Verizon stock. In September, Verizon blew past records by selling $49 billion in corporate debt in order to finance the deal. The deal is expected to be completed on Feb. 21, and investors are expected to receive their shares on Feb. 24 and cash on March 4. Read the full article