NEW YORK (

TheStreet

) --

Verizon Wireless

plans to pay a dividend of $10 billion in January to its parent companies,

Verizon Communications

(VZ) - Get Report

and

Vodafone

(VOD) - Get Report

, the first dividend payment in years.

Verizon owns 55% of Verizon Wireless and controls the operations of the largest U.S. wireless carrier. Vodafone owns 45%.

Verizon will get $5.5 billion of the dividend while Vodafone, the British mobile phone company, will get $4.5 billion.

Vodafone hasn't received a payout from Verizon Wireless since 2005 as Verizon has focused on paying down debt. Analysts also suggest Verizon's denying Vodafone a dividend was an attempt to squeeze the British company into selling its stake in the wireless carrier to Verizon.

-- Written by Joseph Woelfel

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Joseph Woelfel

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