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Vodafone confirms Verizon talks to sell shares

02 September 2013, 14:09

New York - Vodafone says it is in advanced talks to sell its 45% stake of Verizon Wireless back to the cellphone service provider for $130bn in cash and stock.

Verizon would own its wireless business outright after buying the stake back from British cellphone company Vodafone.

"There is no certainty that an agreement will be reached," the British group said in a statement. "A further announcement will be made as soon as practicable."

Vodafone says there is no certainty that a final deal will be reached. Verizon Communications is declining to comment.

A deal would help Vodafone focus on Europe, while boosting Verizon's quarterly earnings.

The change isn't expected to have much of an effect on Verizon consumers or on its operations. Vodafone had little influence on Verizon Wireless' operations.

Verizon has had a long-standing interest in buying out its partner, but the two companies couldn't agree on a price until now.

- AP


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