News Summary: Vodafone in talks with Verizon

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Associated Press

Posted on September 1, 2013 at 7:04 PM

Updated Sunday, Sep 1 at 7:06 PM

THE NEWS: Vodafone says it is in advanced talks to sell its 45 percent stake of Verizon Wireless back to the cellphone service provider for $130 billion in cash and stock.

THE CONTEXT: It would be the second-largest acquisition deal on record if it goes through, but there is no guarantee a deal will be struck. If completed, it would give Vodafone additional cash to pursue its expansion in Europe. It would also give Verizon Communications the opportunity to boost its quarterly earnings.

WHAT'S NEXT: If terms are agreed upon, Vodafone says an announcement will be made "as soon as practicable."

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