Verizon Communications today said it has completed its acquisition of Vodafone Group Plc’s 45 percent indirect stake in Verizon Wireless for $130 billion.
The full control of Verizon Wireless will enable the American telecom operator to invest more in network and better its offerings in the U.S. telecom market.
Lowell McAdam, Verizon chairman and CEO, said: “The new Verizon now has full ownership of the U.S. wireless industry leader in network performance, profitability and cash flow. Acquiring Vodafone’s stake in Verizon Wireless provides us with opportunities for greater financial flexibility, enhanced operational efficiency and innovations that will benefit customers.”
Vodafone earlier said it would utilize $130 billion to return to shareholders, network roll outs, etc.
Founded in 2000 as a joint venture of Verizon and Vodafone, Verizon Wireless reported $81 billion in operating revenues in 2013. Operating income margin was 32.1 percent in 2013.