Business Chief US+CAN Magazine December 2020 | Page 102

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Verizon & Vodafone ’ s 45 % in Verizon Wireless

Valued at US $ 130bn , in September 2013 , Vodafone sold its 45 % stake in Verizon Wireless to the US telecommunication company Verizon Communications . It was reported that , as part of the transaction , Vodafone returned US $ 70.6bn to its shareholders , US $ 28.7bn of which was expected to go to shareholders in the UK . “ We think we have a balanced approach here . We are reducing our debt level which will enable the company to be very robust and take opportunities if they arise ,” commented Vittorio Colao , Chief Executive Officer of Vodafone . 102

2 / 9 / 13 DATE OF MERGER $ 130bn

VALUE ( US DOLLARS ) DECEMBER 2020