Vodafone Gets 1.27 Billion Verizon Shares

By Dow Jones Business News, 
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By Ian Walker

LONDON--Vodafone Group PLC (VOD.LN) on Wednesday said it will get 1.27 billion Verizon Communications Inc. ( VZ ) shares as part of the consideration agreed under the deal to share its interest in the Verizon Wireless joint venture.

As previously agreed, Vodafone will distribute some of the shares to its shareholders who will get 0.026 Verizon shares for each Vodafone share held, the mobile giant said.

Last month shareholders approved Vodafone's landmark $130 billion sale of its 45% stake in Verizon Wireless, the biggest wireless operator in the U.S., to joint-venture partner Verizon Communications.

Completion of the deal--made up of $58.9 billion in cash and $60.2 billion in Verizon stock--will return a windfall $ 84 billion, or 71% of net proceeds, to Vodafone shareholders, with more than two-thirds of that sum in the form of stock. It is the largest single return in corporate history.

Investors are due to receive shares on Feb. 24 and cash on March 4.

Vodafone shares closed Tuesday at 224 pence, valuing the company at 108.57 billion pounds ($181.83 billion).

Write to Ian Walker at ian.walker@wsj.com

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