Vodafone to use Verizon money to invest in own networks

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

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.