Verizon Completes Vodafone Buyout
Verizon Communications today became the sole owner of Verizon Wireless. Verizon Wireless was launched as a joint venture between Verizon Communications and Vodafone Group. Verizon owned 55% and Vodafone owned 45%. Verizon proposed last year to purchase the portion of Verizon Wireless that it didn't own from Vodafone for $130 billion. The deal was given FCC approval in December and shareholder approval in January. The deal officially closed this morning. Verizon Communications now has full control over Verizon Wireless, and Vodafone, which is based in the U.K., has been reduced in value by about half.