Deals
Vodafone Decade of Patience Was a $125 Billion Virtue: Real M&A
This article is for subscribers only.
Vodafone Group Plc’s payout from a decadelong dance with Verizon Communications Inc. over the fate of their U.S. wireless joint venture was worth the wait.
By holding off until now to sell its 45 percent stake in Verizon Wireless, Vodafone secured $130 billion, adding to more than $15 billion in dividend payouts since the venture was formed in 1999. With Sanford C. Bernstein & Co. estimating Vodafone’s initial investment at $20 billion, the company is getting as much as $125 billion more than that for a sixfold return, according to data compiled by Bloomberg.