Verizon to Buy Vodafone Out of Verizon Wireless
Verizon Communications today announced that it has agreed to buy the 45% of Verizon Wireless that it does not already own from Vodafone Group for $130 billion. Verizon will pay Vodafone primarily in cash and stocks. The deal was agreed upon by the management teams over the weekend and approved by the boards of directors at both firms today. Lowell McAdam, Verizon chairman and CEO, said, "This transaction will enhance value across platforms and allow Verizon to operate more efficiently, so we can continue to focus on producing more seamless and integrated products and solutions for our customers. We believe full ownership will provide increased opportunities in the enterprise and consumer wireline markets." Once complete, Verizon will have full control over Verizon Wireless and its assets. Vodafone will use the funds gained through the divestiture to fortify its European and other worldwide business ventures. The deal will be subject to regulatory and shareholder approval and is expected to close in the first quarter of 2014.
Verizon to Let Prepaid Customers Manage their Accounts Through My Verizon App
Verizon Wireless today said its prepaid customers will soon have access to the My Verizon account management tool. Beginning June 28, prepaid customers can download and use My Verizon to pay bills, set up auto-pay, add data, and perform other account-related tasks.
Verizon to Buy Yahoo's Internet Business for $4.8B
Verizon Communications today said that it has agreed to buy Yahoo's core internet and search businesses for $4.83 billion. Yahoo's properties will join AOL under Verizon's ownership, to be managed by Marni Walden, EVP and President of the Product Innovation and New Businesses organization at Verizon.
Verizon Picks Up XO's Fiber Network to Beef Up Backhaul
Verizon Communications today said it has agreed to acquire XO Communications' fiber business for $1.8 billion. The deal, says Verizon, will help it serve its enterprise and wholesale customers, as well as allow Verizon to further densify its cellular network.
Verizon and T-Mobile Agree to $173M Spectrum Swap
Verizon Wireless and T-Mobile have agreed to exchange AWS-1 and PCS spectrum in dozens of markets around the country in a deal valued at $173 million. The spectrum in question covers portions of Arkansas, California, Illinois, Indiana, Iowa, Kentucky, Massachusetts, Minnesota, Mississippi, Missouri, Montana, New York, North Dakota, Ohio, Pennsylvania, South Dakota, Tennessee, and Virginia.
Verizon and Hearst to Acquire Complex for Mobile Content
Verizon Communications and Hearst have agreed to acquire Complex, a media organization founded by Mark Ecko that creates content for young adult audiences. Under the terms of the agreement, Verizon and Hearst will each own 50% of Complex through a joint venture.