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Vodafone to receive $3bn in Verizon Wireless dividend payment Vodafone to receive $3bn in Verizon Wireless dividend payment
(4 months later)
Verizon Wireless, the US mobile phone company, is to make a $7bn (£4.4bn) dividend payment that will hand $3bn to Britain's Vodafone with the aim of easing tension between the transatlantic partners.Verizon Wireless, the US mobile phone company, is to make a $7bn (£4.4bn) dividend payment that will hand $3bn to Britain's Vodafone with the aim of easing tension between the transatlantic partners.
In the announcement, Verizon Communications, which owns 55% of the joint business, said it would receive $3.85bn of the dividend payment. Vodafone, owner of the rest of the business, will receive $3.15bn, according to a regulatory filing.In the announcement, Verizon Communications, which owns 55% of the joint business, said it would receive $3.85bn of the dividend payment. Vodafone, owner of the rest of the business, will receive $3.15bn, according to a regulatory filing.
Verizon is rumoured to be looking to take full control of the joint venture and had previously suggested that Vodafone's shareholders could miss out on a payment this year. The US company is believed to be considering a $100bn stock and cash offer for Vodafone's share in the joint venture, the largest mobile network operator in the US. Vodafone in the meantime has reportedly been angling for a higher price.Verizon is rumoured to be looking to take full control of the joint venture and had previously suggested that Vodafone's shareholders could miss out on a payment this year. The US company is believed to be considering a $100bn stock and cash offer for Vodafone's share in the joint venture, the largest mobile network operator in the US. Vodafone in the meantime has reportedly been angling for a higher price.
The sale could generate a huge cash payment for Vodafone's shareholders. It is expected to use the rest of the proceeds to invest in its European network.The sale could generate a huge cash payment for Vodafone's shareholders. It is expected to use the rest of the proceeds to invest in its European network.
Vodafone received dividend payments of about $8bn in two payments last year. Before that, the company had not received a dividend since 2005 with Verizon arguing the money was better used paying off debt and making acquisitions.Vodafone received dividend payments of about $8bn in two payments last year. Before that, the company had not received a dividend since 2005 with Verizon arguing the money was better used paying off debt and making acquisitions.
Verizon Communications chief executive officer, Lowell McAdam, hinted in a recent meeting with JP Morgan that Verizon Wireless might not pay a distribution and that this could be a "lean" year for the company's owners.Verizon Communications chief executive officer, Lowell McAdam, hinted in a recent meeting with JP Morgan that Verizon Wireless might not pay a distribution and that this could be a "lean" year for the company's owners.
Verizon Wireless began operating in the US in 2000 as the combined assets of Vodafone's AirTouch Paging and Verizon Bell Atlantic Mobile. Verizon's hopes of taking full control come during a new wave of consolidation in the industry. T-Mobile acquired MetroPCS earlier this year, combining the fourth and fifth largest players. Japan's Softbank and the US's Dish Network are fighting over Sprint, the third largest player.Verizon Wireless began operating in the US in 2000 as the combined assets of Vodafone's AirTouch Paging and Verizon Bell Atlantic Mobile. Verizon's hopes of taking full control come during a new wave of consolidation in the industry. T-Mobile acquired MetroPCS earlier this year, combining the fourth and fifth largest players. Japan's Softbank and the US's Dish Network are fighting over Sprint, the third largest player.
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