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Verizon completes $130 billion buyout of Vodafone's stake in Verizon Wireless

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Verizon Wireless store (1020)
Verizon Wireless store (1020)

Verizon has completed its $130 billion purchase to take complete control of Verizon Wireless. The deal, announced back in September, sees Verizon take back the 45 percent stake in Verizon Wireless that European carrier Vodafone has owned since 1999. The sale, according to Bloomberg, is the largest of the past decade, and it roughly cuts the value of Vodafone in half, to $100 billion. The deal also moves Vodafone from the second largest phone company in the world down to fourth, behind China Mobile, AT&T, and Verizon. Rumors of Verizon buying Vodafone out of their partnership have stirred for a long time, and it was little surprise when the deal was announced last year. Verizon wanted to have more freedom with its wireless subsidiary, and Vodafone will be using the money from the sale to pay off debts, invest in infrastructure, and finance future acquisitions — if AT&T doesn't takeover Vodafone first.