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Verizon plans USD 100 bln bid for Verizon Wireless - report
2013-04-25 11:00:00| Telecompaper Headlines
(Telecompaper) Verizon has hired advisers to prepare a possible USD 100 billion cash and stock bid to take full control of Verizon Wireless from joint venture partner Vodafone, two people familiar with the matter told Reuters. Verizon, which already owns 55 percent of Verizon Wireless, has not yet put forward a proposal to Vodafone but it has hired both banking and legal advisers for a possible bid, the report said. Verizon hopes to start discussions with Vodafone soon for a friendly deal but is prepared to take a bid public if the British company does not engage in talks, one of the sources added. Verizon aims to raise around USD 50 billion of the purchase price through bank financing, with the remainder to be paid in its own shares. The US operator's board is expected to discuss details of the potential buy-out next week at a scheduled meeting. A Verizon spokesman declined to comment, apart from reiterating that the company would be a willing buyer of Vodafone's share in Verizon Wireless.
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Category:Telecommunications