Skip to main content

Verizon confirms $130 billion buyout of Vodafone's Verizon Wireless stake

Verizon confirms $130 billion buyout of Vodafone's Verizon Wireless stake

Share this story

Verizon Wireless store (STOCK)
Verizon Wireless store (STOCK)

After months of speculation, the country's largest wireless company, Verizon Wireless, is finally back in Verizon's hands. British cellular company Vodafone bought a 45 percent cut of Verizon Wireless for $70 billion over a decade ago and has now reached an agreement with Verizon that will see the communications giant buy back the stake in its wireless arm for a massive $130 billion in cash and stock. Verizon has confirmed the deal via its official PR page, estimating that the purchase will close by the end of Q1 2014 pending regulatory approvals.

Reflecting on the finalized deal, Verizon CEO Lowell McAdam 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."

Since 1999, when Vodafone first invested in Verizon Wireless, mobile communications have represented an increasingly large portion of Verizon's total earnings. Generally, wireless revenues are now double the size of the company's wireline incomes. Despite healthy revenues, Vodafone has expressed dismay at the meager returns on its investment. But CEO Vittorio Colao highlighted the positives of the Verizon partnership today. "Our two companies have had a long and successful partnership and have grown Verizon Wireless into a market leader with great momentum," he said, wishing Verizon "continuing success" as it assumes total ownership of the carrier. Verizon and Vodafone will hold a conference call to discuss the landmark transaction tomorrow at 8AM EST.

Today’s Storystream

Feed refreshed Sep 24 Not just you

E
External Link
Emma RothSep 24
California Governor Gavin Newsom vetoes the state’s “BitLicense” law.

The bill, called the Digital Financial Assets Law, would establish a regulatory framework for companies that transact with cryptocurrency in the state, similar to New York’s BitLicense system. In a statement, Newsom says it’s “premature to lock a licensing structure” and that implementing such a program is a “costly undertaking:”

A more flexible approach is needed to ensure regulatory oversight can keep up with rapidly evolving technology and use cases, and is tailored with the proper tools to address trends and mitigate consumer harm.


A
Youtube
Andrew WebsterSep 24
Look at this Thing.

At its Tudum event today, Netflix showed off a new clip from the Tim Burton series Wednesday, which focused on a very important character: the sentient hand known as Thing. The full series starts streaming on November 23rd.


Welcome to the new Verge

Revolutionizing the media with blog posts

Nilay PatelSep 13
A
The Verge
Andrew WebsterSep 24
Get ready for some Netflix news.

At 1PM ET today Netflix is streaming its second annual Tudum event, where you can expect to hear news about and see trailers from its biggest franchises, including The Witcher and Bridgerton. I’ll be covering the event live alongside my colleague Charles Pulliam-Moore, and you can also watch along at the link below. There will be lots of expected names during the stream, but I have my fingers crossed for a new season of Hemlock Grove.


A
Andrew WebsterSep 24
Looking for something to do this weekend?

Why not hang out on the couch playing video games and watching TV. It’s a good time for it, with intriguing recent releases like Return to Monkey Island, Session: Skate Sim, and the Star Wars spinoff Andor. Or you could check out some of the new anime on Netflix, including Thermae Romae Novae (pictured below), which is my personal favorite time-traveling story about bathing.


A screenshot from the Netflix anime Thermae Romae Novae.
Thermae Romae Novae.
Image: Netflix
T
Twitter
Tom WarrenSep 23
Has the Windows 11 2022 Update made your gaming PC stutter?

Nvidia GPU owners have been complaining of stuttering and poor frame rates with the latest Windows 11 update, but thankfully there’s a fix. Nvidia has identified an issue with its GeForce Experience overlay and the Windows 11 2022 Update (22H2). A fix is available in beta from Nvidia’s website.


A
External Link
If you’re using crash detection on the iPhone 14, invest in a really good phone mount.

Motorcycle owner Douglas Sonders has a cautionary tale in Jalopnik today about the iPhone 14’s new crash detection feature. He was riding his LiveWire One motorcycle down the West Side Highway at about 60 mph when he hit a bump, causing his iPhone 14 Pro Max to fly off its handlebar mount. Soon after, his girlfriend and parents received text messages that he had been in a horrible accident, causing several hours of panic. The phone even called the police, all because it fell off the handlebars. All thanks to crash detection.

Riding a motorcycle is very dangerous, and the last thing anyone needs is to think their loved one was in a horrible crash when they weren’t. This is obviously an edge case, but it makes me wonder what other sort of false positives we see as more phones adopt this technology.


A
External Link
Ford is running out of its own Blue Oval badges.

Running out of semiconductors is one thing, but running out of your own iconic nameplates is just downright brutal. The Wall Street Journal reports badge and nameplate shortages are impacting the automaker's popular F-series pickup lineup, delaying deliveries and causing general chaos.

Some executives are even proposing a 3D printing workaround, but they didn’t feel like the substitutes would clear the bar. All in all, it's been a dreadful summer of supply chain setbacks for Ford, leading the company to reorganize its org chart to bring some sort of relief.