Verizon May Buy Out U.K.’s Vodafone to Take Over Joint Venture

British telco giant Vodafone wants to offload a 45% share in Verizon Wireless, its joint venture with Verizon Communications, and is seeking about $130 billion from the deal.

Reuters says that Verizon is trying to raise finance to buy Vodafone’s stake in Verizon Wireless, which occupies the number one spot in the U.S. mobile market. Vodafone views its stake in the operation as a prized asset, given the U.K. multinational’s declining performance in Europe.

A Verizon spokesman declined to comment on media reports, but shares in Vodafone jumped 9% to 207 pence in the wake of the revelation, hitting a 12-year high.

Read more: http://business.time.com/2013/08/29/verizon-may-buy-out-u-k-s-vodafone-to-take-over-joint-venture/#ixzz2dMy4WCel