Vodafone in talks to offload Verizon Wireless stake

Vodafone has finally confirmed that it is in discussion with Verizon Communications, the world leader in delivering innovation in communications, mobility, information and entertainment regarding possible disposal of Vodafone’s 45 percent interest in Verizon Wireless.

Founded in 2000, as a joint venture of Verizon Communications and Vodafone, Verizon Wireless is an innovative wireless communications company that connects people and businesses with the most advanced wireless technology and service available. Verizon Wireless was the first national wireless provider in the United States to build and operate a large-scale 4G LTE network with speeds up to 10 times faster than 3G.

The market is speculating upwards of £100 billion for offloading 45 percent stake in Verizon Wireless. The deal would cost Verizon anywhere between £115-125 billion for acquiring 45 percent stake of Vodafone.

2013 was a bad year for Vodafone. The company’s profit nose dived from £7,003 million in 2012 to £673 million in 2013, a drop of 90 percent.

Vodafone has issued a statement saying there is no certainty that an agreement will be reached.

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