Verizon, Vodafone set $130 billion deal

Verizon and Vodafone plan to announce a $130 billion deal today that will give the Gotham-based telecom giant complete control of Verizon Wireless, subject to final board approval, people familiar ꦗwith the matter said.

Vodafone said late yesterday it was in advan♐ced talks with Verizon to sell its 45 percent stake in the joint venture for $130 billion, comprising cash and common share🉐s, but that there was no certainty an agreement would be reached.

“A further announcement will be m♒ade as soon as practicable,🍰” it said of the deal to exit the largest mobile operator in the US.

The UK-based telecom would get $60 billion in cash, $60🍸 billion in Verizon stock, and an additional $10 billion from smaller transactions that will take the total deal v𒊎alue to $130 billion, according to two sources.

To fund the cash portion of the deal, Verizon has lined up as much as $65 billion in financing from four banks: JPMorgan Chase, Morgan Stanley, Bank of America Merrill Lynch and Barclays, they said. The financing isᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚ expected to be split evenly among the four, two people said.

A full announcement of the terms is expected to cꦬome after the ma𒁏rket closes in London today. Earlier in the day the Verizon board plans to vote on it, sources said. Vodafone’s board was scheduled to approve the deal yesterday, the people said.

All the people asked not to be identified because the matt🎐er is not public.

If the deal is concluded, it will end one of the longest-running corporate standoffs, which has at times seen both partners seek to buy out the other in times of💃 weakness.

For Verizon, it means it would no longer have to share the billions in cash generated by Verizon Wireless. On 🐭the Vodafone side, the company will get a war chest of cash to reward shareholders and potentially carry out acquisitions to strengthen the group’s European andꦉ emerging-market operations.