Why Vodafone (VOD) Is Up Today

NEW YORK (TheStreet) -- Vodafone (VOD) was gaining 3.4% to $36.60 Thursday on news that it won approval to for a $1.6 billion deal to buy out its Indian unit.

The deal will let Vodafone purchase all of its subsidiary, Vodafone India. The telecom currently owns 84.5% of the Indian company. India's cabinet approved the deal two months after the Indian foreign investment regulator approved the deal in December.

News of the deal's approval comes alongside Vodafone's third-quarter earnings report which caw revenue fall 3.6% to 10.98 billion pounds ($17.91 billion).

Must read: Verizon (VZ) Gains Approval for Vodafone's (VOD) Verizon Wireless Stake

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