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US: Shareholders green light Verizon Wireless buyback

 |  January 28, 2014

Verizon Communications have voted to approve the $130 billion buyback of Verizon Wireless, a deal that sparked rumors about a possible Vodafone acquisition.

Reports say a “substantial majority” of Verizon shareholders cleared the 45 percent share in the company’s wireless unit buyback from the UK’s Vodafone. Verizon CEO said the deal “will provide Verizon with greater financial flexibility to invest in new technologies,” noting that the company will make a push to further its wireless operations.

The merger remains subject to approval by the High Court of England and Wales, say reports, though has already been cleared by the US’s Federal Communications Commission.

The companies expect to finalize the deal next month.

Full Content: Wall Street Journal

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