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Verizon closes on $130 billion wireless deal

Sunday - 2/23/2014, 10:00pm  ET

NEW YORK (AP) -- Verizon on Friday completed its $130 billion deal to take over all of Verizon Wireless.

New York-based Verizon Communications Inc. has said that owning all of its wireless unit would give it greater flexibility to invest in new technologies.

It acquired the 45 percent stake in its wireless division from Vodafone Group PLC, issuing about 1.27 billion shares of common stock to the British cellphone carrier's shareholders.

Both companies' shareholders approved the transaction last month.

Verizon's stock fell 56 cents to $47.56 in midday trading Friday.


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