Verizon Communications agreed on Monday to pay $130 billion to buy Vodafone Group's out of its U.S. wireless business, signing history's third largest corporate deal to bring an end to a decade-long corporate stand-off.
The two firms said Vodafone would get $58.9 billion in cash, $60.2 billion in Verizon stock, and an additional $11 billion from smaller transactions that would take the total deal value to $130 billion.
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The British group will return 71 percent of the net proceeds to shareholders. All the stock will go to shareholders, plus $23.9 billion in cash, after the deal is finalized, likely to be in the first quarter of 2014.
"This has been a highly productive partnership in a business with excellent momentum," Vodafone Chief Executive Vittorio Colao told reporters.