Following weeks of recent speculation, Verizon Communications and Vodafone pulled the trigger Monday on a deal in which Vodafone will sell its 45% stake in U.S. mobile giant Verizon Wireless to its longtime partner in a deal valued at $130 billion.
Under the deal, Verizon Communications come away with a 100% stake for $58.9 billion in cash, $60.2 billion in Verizon stock to be distributed to Vodafone shareholders, and another $11 billion from other transactions tied to the main deal, including the issuance of $5 billion in notes payable to Vodafone, Verizon's shedding its 23.1% minority stake in Vodafone Omnitel N.V. to Vodafone for $3.5 billion, and $2.5 billion of the deal's value to be a "combination of other consideration."
To fund the cash portion, Verizon has secured a $61 billion bridge credit agreement with J.P. Morgan Chase Bank, N.A., Morgan Stanley Senior Funding, Inc., Bank of America, N.A. and Barclays.
The television industry's top news stories, analysis and blogs of the day.