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US: Verizon, Vodafone reach agreement on $130B buyback deal

 |  September 2, 2013

Verizon Communications has reportedly reached an agreement with UK-based peer Vodafone to acquire the remaining 45 percent of Verizon Wireless it does not already own, resulting in Verizon taking full control of its US wireless operations and the third-largest merger-and-acquisition deal in history, valued at $130 billion.

According to a statement released Monday, both companies’ executive boards have cleared the deal. The parties now expect to finalize the transaction in the first quarter of 2014.

The two have functioned as partners for 14 years.

If completed, the buyout would be the largest since Vodafone acquired Mannesmann AG 13 years ago. Reports say that financial details of the transaction place Verizon Wireless’s total value at about $290 billion, larger than Google Inc.’s market capitalization.

Full Content: Businessweek

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