Verizon Wireless Is Sold at $84b

Posted by Mobile News Wednesday, 4 September 2013

Vodafone has sold its 45 per cent stake in Verizon Wireless to its parent Verizon Communications for $130 billion (£84 billion).
Shareholders in Vodafone will have $84 billion worth in shares returned to them, while the operator has also said it will invest £6 billion over three financial years in its network and services.

‘Project Spring’ will focus on accelerating Vodafone’s 4G network rollout, so that it covers 90 per cent of its five main European markets by 2017. It will also invest in deeper 3G coverage and capacity in “mature markets”.

A portion of the £6 billion will also be spent on unified communications, with Vodafone extending its fiber rollout and enterprise service portfolio (which includes cloud and machine to machine services).

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