Shareholders Approve Verizon's Vodafone Buyout
The shareholders of both Verizon Communications and Vodafone Group have approved the sale of Vodafone's stake in Verizon Wireless to Verizon Communications. Verizon Wireless is a joint venture between Verizon Communications and Vodafone. Vodafone owns about 45% of Verizon Wireless. Verizon Communications proposed last year to take full ownership of the joint venture in a deal valued at $130 billion. The companies' shareholders agreed to the terms of the sale and the issuance of new stock to make the financial transaction work. The Federal Communications Commission has already approved the sale, but it still needs the approval of the High Court of Justice of England and Wales. The companies expect the deal to close on or about February 21.