America's largest mobile phone carrier Verizon Communications announced yesterday that is was buying out British firm's Vodafone 45 percent stake in the company for US$130 billion. The deal will give Verizon 100 percent ownership in the company. Until the buyout yesterday, Vodafone had owned its 45 percent stake for over a decade.
While complete ownership of the company will give Verizon more leeway to do what it wants, Vodafone's ownership didn't have a lot to say about the direction of the carrier since it had owned less than half the company. Verizon says it will focus on rolling out 4G to more areas of the country. As for Vodafone, now that they are cash-rich, the company plans to spend at least £6 billion speeding up 4G roll out in the UK and also improve fiber optic broadband speeds to homes.
*Verizon is currently in the process of acquiring AOL, Engadget's parent company. However, Engadget maintains full editorial control, and Verizon will have to pry it from our cold, dead hands.