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.
Verizon to Sell Landline Biz to Frontier for $10 Billion
Verizon Communications today confirmed plans to sell part of its wireline telephone and internet business to Frontier Communications for $10 billion. The deal covers Verizon's consumer and business assets in California, Florida, and Texas.
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 Closer to $10B Asset Sale to Pay Down Debt
Verizon Communications has lined up several deals that will earn it up to $10 billion, reports the Wall Street Journal. The company took on a massive amount of debt to buy Vodafone's portion of Verizon Wireless last year.
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.