WASHINGTON (MarketWatch) - Verizon Communications (VZ) and Vodafone Group PLC (VOD) have reportedly agreed to a deal in which the U.S. phone company will buys out its U.K.-based wireless partner for $130 billion, half in cash and half in stock. The Wall Street Journal, a sister publication of MarketWatch, said negotiators for the two companies reached a tentative agreement Sunday afternoon. The deal would still need to be approved by the boards of both companies, with an announcement coming as early as Monday, the Journal said. Vodafone owns a 45% stake in Verizon Wireless, the largest cell-phone carrier in the U.S. , as a result of a partnership begun in 1999. Verizon has sought off and on to buy out its partner a number of times but to no avail until now.
-Jeffry Bartash; 415-439-6400; AskNewswires@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
09-01-13 1431ETCopyright (c) 2013 Dow Jones & Company, Inc.
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