real-time news and commentary for investors
Tuesday, Sep 3
Vodafone to use Verizon money to invest in own networks
- Vodafone (VOD) -1.5% in London following news of the sale of its 45% stake in Verizon Wireless for $130B.
- Vodafone plans to use the money on its own networks, CEO Vittorio Colao has said. Acquiring foreign assets is an option but Vodafone won't do it immediately.
- Although the company will pay its shareholders $84B in cash and Verizon stock, it also intends to launch Project Spring, a £6B ($9.3B) scheme to invest in 4G infrastructure and fiber-optic cables.
- Meanwhile, John Malone said he would consider an offer for Liberty Global (LBTYA), Europe’s largest cable-television operator, but he's "happy" with with the company as is. Liberty has been mentioned as a possible Vodafone target.