In order to focus on the European market, The Wall Street journal is today reporting that preliminary agreements for a deal in which Vodafone will sell its 45% stake in Verizon Wireless were reached over the weekend.
Claiming that Vodafone have sold their stake to Verizon Communications for $130 billion, votes from the boards at Vodafone and Verizon are expected to be casted today, which if accepted will give Verizon Communications complete control over Verizon Wireless.
Reports claim that if the deal is true, it will be the largest cash amount ever used in the acquisition of a company, claiming that Verizon will be paying $60 billion in cash as part of the deal.
In total its only the second largest acquisition ever, the first being the $172 billion acquisition of Mannesmann AG by Vodafone in 1999.
Source: Wall Street Journal