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

 

If you liked this article you might like

Vodafone Looks Like It Will Continue Its Bullish Trend in 2018

Vodafone Looks Like It Will Continue Its Bullish Trend in 2018

As European Earnings Season Disappoints, It Could Be Time to Buy Some Stocks

As European Earnings Season Disappoints, It Could Be Time to Buy Some Stocks

Europe Is Having a Disappointing Earnings Season -- Time to Buy Some Stocks?

Europe Is Having a Disappointing Earnings Season -- Time to Buy Some Stocks?

European Stocks Jump for Several Reasons

European Stocks Jump for Several Reasons

Wall Street Futures Drift Lower, Europe Stocks Weaken Despite Data Boost

Wall Street Futures Drift Lower, Europe Stocks Weaken Despite Data Boost