Vodafone's Colao has also already sealed a ¿7.7 billion ($10.1 billion) agreement for German cable company Kabel Deutschland Holding and last year bought both Cable & Wireless Worldwide in the U.K. and Testra in New Zealand.
He's also clearly interested in Asia -- and analysts say Africa can't be far behind. The company recently increased its 42% stake in its Indian Vodafone Essar Ltd. venture to 75% by buying out Essar Group for $5 billion.
In addition to acquisitions, Colao said Monday he will speed investments in the company's European network. In a push dubbed Project Spring, the company will invest £6 billion in upgrading its 4G networks in Germany and the U.K. It will also rollout 3G networks in secondary European markets.
"The plan is to spend over three years," he said.As part of the Verizon deal, Vodafone is also buying a 23.1% stake in its Vodafone Italia business, formally known as Vodafone Omnitel NV, back from Verizon for $3.5 billion. Some analysts have speculated that unloading its largest asset could make Vodafone itself a target -- AT&T (T) was reportedly interested in the company earlier this year but Colao said he saw no need to worry about a potential bid. Vodafone shares closed 5%, or 10.70 pence, lower Tuesday at 202.50 pence after the stock gained 3% on Monday in London trading. -- Written by Andrew Bulkeley In Berlin