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Why Vodafone (VOD) Is Up Today

NEW YORK (TheStreet) -- Vodafone  (VOD) hit a one-year high of $42.06 at 2:15 p.m. on Monday after Verizon  (VZ) completed its $130 billion to take over all of Verizon Wireless and acquired the 45% stake in its wireless division from Vodafone.

Verizon issued 1,274,764,121 shares of common stock to the British telecommunications company as part of the deal.

"This is a great day for Verizon," said Verizon Chairman and CEO Lowell McAdam in the company's statement. "The new Verizon now has full ownership of the U.S. wireless industry leader in network performance, profitability and cash flow. Acquiring Vodafone's stake in Verizon Wireless provides us with opportunities for greater financial flexibility, enhanced operational efficiency and innovations that will benefit customers. We are confident it will fuel further growth in our business."

Must ReadVerizon Completes Acquisition Of Vodafone's 45 Percent Indirect Interest In Verizon Wireless

 

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