Verizon gets OK for $130 billion Vodafone deal

Jan 28, 2014

Verizon says its shareholders have approved its $130 billion deal to buy the 45 percent stake in its wireless division owned by British cellphone carrier Vodafone.

As part of the , Verizon will issue up to 1.28 billion shares of to Vodafone shareholders. Vodafone Group PLC shareholders also approved the deal at a meeting held earlier Tuesday.

New York-based Verizon Communications Inc. says buying Vodafone's stake will give it greater flexibility to invest in new technologies. Once the deal closes, it will no longer have to share its wireless revenue with Vodafone.

The deal, which is expected to around Feb. 21, needs court approval in the United Kingdom among other customary closing conditions.

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