Vodafone shareholders approved the company’s sale of its 45 percent stake in Verizon Wireless on Tuesday, paving the way for one of the largest acquisitions in corporate history.
Investors overwhelmingly voted in favor of the $130 billion sale to Verizon Communications. The deal will return about $84 billion to shareholders in what Vodafone said was the single largest return of value in history, according to a presentation on its website.
Vodafone, one of the world’s largest cellphone operators, confirmed its intent to sell the stake in Verizon last year. The deal will give Verizon, which counts nearly 100 million cellphone subscribers in the United States, complete ownership of its wireless business.
Vodafone plans to announce more details of the transaction in its quarterly results next week. The deal will consist of $58.9 billion in cash and $60.2 billion in Verizon stock.
The deal comes as the European telecommunications industry continues to consolidate amid ongoing regulatory uncertainty. On Monday, AT&T said it was not in discussions to buy Vodafone, spurring speculation on whether Vodafone was better off on its own.
“Our sustained investment in Verizon Wireless has created a great deal of value for shareholders from a market leader with great momentum,†Gerard Kleisterlee, Vodafone’s chairman, said in a statement last fall. “Verizon’s offer now provides us with an opportunity to realize this value at an attractive price.â€
