Business, Economics and Jobs

Vodafone sells stake in Verizon Wireless for $130 billion


Verizon is in charge of its own wireless business once again, after announcing a $130 billion deal on Sept. 2, 2013, to acquire Vodafone's 45 percent stake in its Verizon Wireless subsidiary.



Verizon now owns its wireless business outright after completing one of the largest deals in corporate history Monday.

The US telecom giant announced it has agreed to buy British cellphone company Vodafone's 45 percent stake in Verizon Wireless for $130 billion, the BBC reported.

More from GlobalPost: Timeline: Verizon and Vodafone's long relationship

The deal was announced by Vodafone after the close of trading on the London Stock Exchange.

It is officially the second-largest acquisition ever, behind Vodafone's $172 billion takeover of German firm Mannesmann in 2000, according to the Wall Street Journal.

More from GlobalPost: Vodafone in talks to sell Verizon Wireless stake for $130 billion

Verizon has been trying for more than a decade to win back control of its wireless business — the most profitable in the United States.

However, the two companies couldn't agree on a price until now.

Under terms of the deal, Vodafone would get $58.9 billion in cash, $60.2 billion in Verizon stock and an additional $11 billion from smaller transactions.

The deal is still subject to customary closing conditions, but is expected to close in the first quarter of 2014.