According to a Reuters report, Verizon Communications is in the process of preparing a $100 billion bid to take full control of Verizon Wireless from its partner Vodafone.
Verizon Communications and Vodafone's Verizon Wireless partnership may be coming to an end, if news reports are to be believed. According to a report by Reuters, two people familiar with the matter have confirmed that Verizon Communications has hired legal and banking advisors to prepare a $100 billion stock and cash bid to gain full control over Verizon Wireless from its partner Vodafone.
The sources confirmed that while Verizon has not yet presented a proposal to Vodafone, it plans to do so with this new bid. Verizon already owns 55 percent of the company, and is currently one of the biggest carriers in the United States. Verizon's desire to buy out its British joint venture partner has been kept no secret, and according to reports, the carrier has begun putting more pressure on the topic in the last few months.
According to sources, Verizon is now ready to push out a deal and is set to have a friendly talk with Vodafone. If they don't agree, Verizon is willing to take the bid public as well.
"I don't really see this as a surprise," one of Vodafone's 15 largest investors told Reuters, on condition of anonymity. "The talk about this deal has been quite intense recently. We knew that Verizon were definitely a keen buyer and that Vodafone were a keen seller."
Vodafone Chief Executive Vittorio Colao reportedly said that he has not yet decided on whether to sell the company's 45 percent share, as it makes 75 percent of the company's market value.