Vodafone closes in on £84bn Verizon Wireless sale

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Negotiations between operator and Verizon Communications over 45 per cent stake said to be in “advanced” stages

Vodafone has taken another step towards selling its 45 per cent share in Verizon Wireless after putting a price on the sale and confirming that discussions are “advanced”.

Reports have suggested that the proposed £84 billion deal with US telecoms company Verizon Communications could be completed as early as this afternoon.

In a statement last night, the operator said: “Vodafone confirms that it is in advanced discussions with Verizon Communications Inc regarding the disposal of Vodafone’s US group whose principal asset is its 45 per cent interest in Verizon Wireless for $130bn (£84bn).”

Under the terms of the proposed agreement, Vodafone would receive $60 billion in cash, $60 billion in Verizon stock, and an additional $10 billion from smaller transactions taking the total deal value to $130 billion.

Vodafone shares rose more than 3 per cent this morning, valuing the UK group at about £100bn.

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