Verizon shareholders approve takeover of mobile unit

The buyout of Vodafone's 45 percent stake is expected to close around Feb. 21

Verizon Communications shareholders pushed forward the full buyout of Verizon Wireless on Tuesday, voting to approve the issuance of stock to Vodafone Group shareholders.

A "substantial majority" of Verizon shareholders voted in favor of issuing as many as 1.28 billion Verizon shares as part of a planned US$130 billion takeover of the company's mobile subsidiary, according to a press release. Verizon Wireless is a joint venture between Verizon and U.K.-based Vodafone, but both partners have been seeking for years to change that. They announced a deal last September for Verizon to use both cash and stock to buy Vodafone's 45 percent stake.

Also on Tuesday, at a meeting in London, Vodafone shareholders approved other matters necessary for the transaction to close, Verizon said. The deal still needs approval from the High Court of Justice of England and Wales and must meet other closing conditions. It is expected to close around Feb. 21.

By owning both its wired and wireless businesses outright, Verizon hopes to have more financial flexibility to invest in new technologies and offer more tightly integrated services. The carrier's chief rival, AT&T, is both a wireline and mobile operator.

Analysts believe Vodafone may use the proceeds from the sale to buy more companies in Europe, including wireline carriers. But the company might become a takeover candidate itself if rumors of an offer by AT&T materialize. On Monday, in response to a query from U.K. regulators, AT&T said it doesn't intend to bid for Vodafone in the next six months. But if another company tries to buy Vodafone, AT&T could jump in immediately.

Stephen Lawson covers mobile, storage and networking technologies for The IDG News Service. Follow Stephen on Twitter at @sdlawsonmedia. Stephen's e-mail address is

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags Mergers and acquisitionsbusiness issuestelecommunicationCarriersVodafone GroupVerizon WirelessVerizon Communications

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Stephen Lawson

IDG News Service
Show Comments



Sansai 6-Outlet Power Board + 4-Port USB Charging Station

Learn more >



Back To Business Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles


PCW Evaluation Team

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?