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Zee Media Bureau
New Delhi: US operator Verizon Wireless has completed USD 130 billion deal by buying 45 percent stake in its wireless division from Vodafone Group PLC.
Vodafone shareholders will be paid the equivalent of USD 0.49 for each existing ordinary share in addition to a distribution of Verizon shares.
Vodafone investor would receive proceeds of 72 pence in Verizon shares and 30 pence in cash for each share owned.
Shareholders of both the companies had approved the transaction last month.
Verizon, which also competes with cable operators for video and internet customers, had recently agreed to buy Internet TV technology from chip maker Intel but did not disclose the deal terms.
It plans to use Intel’s technology to improve search and discovery features for Verizon’s wireline FiOS video service and to help it build a platform to deliver video to mobile devices, Shammo told analysts on the company’s conference call.
With Agency Inputs
First Published: Saturday, February 22, 2014, 04:58
Verizon Wireless completes $130 billion Vodafone deal
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