(Telecompaper) Vodafone Group could spend up to USD 30-40 billion on acquisitions in coming years and no deal should be too big if it makes strategic sense, CEO Vittorio Colao said. Colao told reporters he was exploring possibilities for big acquisitions on top of investments in Vodafone's existing business, to be financed with the proceeds from selling the company's 45 percent stake in Verizon Wireless. He said the company was looking at "sizeable" acquisitions that could "transform the company", Reuters reported from a a media roundtable in New York. The operator could have up to USD 40 billion for takeovers, after it returns most of the Verizon proceeds to shareholders and invests USD 30 billion in its network over the next two years. This is based on debt of 2x annual EBITDA. While the CEO was careful not to name any acquisition targets, he said Vodafone is keen to build up its fixed-line assets in Europe, its enterprise business around the world and its mobile business in emerging markets. Colao estimates that Vodafone has 16-17 percent of the total telecommunications market and that it could increase this to 20-23 percent. The CEO sees the best chances to buy mobile assets in emerging markets, as Vodafone could have trouble getting many deals past regulators in Europe because of its size there.