real-time news and commentary for investors
Monday, Sep 2
Verizon/Vodafone $130B deal announced, Moody's cuts Verizon's rating
- Verizon Communications' (VZ) $130B purchase of Vodafone's (VOD) stake in Verizon Wireless is official.
- VOD will get $58.9B in cash, $60.2B in VZ stock (which will go to VOD shareholders), and $11B from other transactions.
- The deal will be immediately accretive to the tune of 10% for VZ. (PR)
- VOD will return $23.9B of the cash to shareholders and the company says it will "increase the total FY14 dividend per share by 8%." (PR)
- Moody's cut Verizon's long-term debt rating by one notch to Baa1 following the announcement.