Vodafone plans to sell the shares it holds in Verizon Wireless for 88 billion euros

verizon-wireless-logoBritish telecommunications group Vodafone, plans to sell its stake in Verizon Wireless, the largest mobile operator in the U.S. to receive 115 billion dollars (about 88 billion euros) from Verizon Communications, American telecommunications company that holds 55% of Verizon Wireless, according to people familiar with the matter, Bloomberg. Vodafone owns 45% stake of American operator.

Following this transaction Verizon Communications will wholly owns the most profitable division of the company. In the last quarter of 2012, Verizon Wireless has made a record 2.1 million customers, surpassing the rival operator AT&T and other competitors.

Verizon wants to control the world’s best asset“, said Jonathan Chaplin, an analyst at research firm New Street Research in New York.

In December last year, the two companies, Vodafone and Verizon Communications discussed a possible merger, said sources close to the situation. However, negotiations were intrerupte because of disagreements about the appointment of new management companies and headquarters location. Vodafone stake sale to Verizon Wireless became more likely. Talks will resume this year, said the immediate situation.

Verizon’s share price rose yesterday on the New York Stock Exchange for the 12 consecutive day by 1.2% to $47.69 (36.58 euros) per unit. Vodafone share price rose by 5.2% to $ 26.68 (20.46 euros), according to Bloomberg.

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