Vodafone confirms "advanced discussions" with Verizon

|About: Vodafone Group Plc (VOD)|By:, SA News Editor

Vodafone (VOD) says it is in "advanced discussions" to sell its 45% stake in Verizon Wireless to Verizon Communications (VZ) for $130B in cash and shares.

The company will make a further announcement "as soon as practicable," which reports say could be today.

The sides were working late into the night to iron out the final details, sources say, including the cash-stock ratio of the deal.

The debate about what Vodafone should do with the proceeds of the deal is already well under way: while shareholders are hoping for a healthy windfall, the FT reports that the company is interested in expanding its presence in the wire-line sector in Europe with deals similar to its proposed acquisition of Kabel Deutscheland. Liberty Global (LBTYA) has cropped up in the speculation as a potential target. (PR)