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Verizon announces $130 billion acquisition of Vodafone’s stake in wireless unit

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Verizon Communications Inc., in New York, announced Sept. 2 it will acquire Vodafone Group PLC’s U.S. group in a $130 billion transaction.

The deal gives Verizon 45 percent of Verizon Wireless, bringing its ownership to 100 percent. The transaction will be financed primarily with cash and stock, according to the announcement, and is expected to close in the first quarter of 2014. Verizon Wireless is based in the Basking Ridge section of Bernards.

In the announcement, Verizon Communications said Verizon Wireless, as a wholly owned entity, would be better equipped to take advantage of the competitive dynamics in the market.

Write to the Editorial Department at editorial@njbiz.com

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