Verizon Wireless announced today that it is buying out Vodafone’s 45 percent stake in the company for $130 billion, giving Verizon full ownership for the first time in over a decade.
Britain’s Vodafone joined forces with Verizon back in 1999, when Vodafone shelled out $70 billion for a stake in Verizon.
“Over the past 13 years, Verizon Wireless has been a key driver of our business strategy, and through our partnership with Vodafone, we have made Verizon Wireless into the premier wireless provider in the U.S,” Verizon CEO Lowell McAdam said in a press release.
McAdam also said that the deal, which is being called the third-largest corporate deal in history, will help Verizon “operate more efficiently,” and provide “increased opportunities in the enterprise and consumer wireline markets.”
Vodafone said it plans to use the fresh cash for an investment program called “Project Spring.” Meanwhile, Verizon, the country’s largest carrier, should have some more flexibility to control the business and create new subscription plans.