New York-based Verizon Communications Inc. completed its acquisition of Vodafone Group Plc’s 45 percent indirect interest in Verizon Wireless. The deal, worth $130 billion, gives Verizon 100 percent control of one of the largest wireless companies in the country.
“This is a great day for Verizon,” said Lowell McAdam, the company chairman and chief executive officer. “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.”
Verizon has been experiencing rapid growth in customers and earnings. The company has expanded its 4G LTE coverage and beefed up its FiOS offerings and broadband service. The company’s expansion efforts also include a $65 million investment to connect more customers to its network in upstate New York.
During the fourth quarter of 2013, Verizon had $31.1 billion in operating revenue, up 3.4 percent from the fourth quarter of 2012. Total operating revenue for the full year of 2013 was $120.6 billion, a 4.1 increase of $4.7 billion from operating revenue reported in 2012.