VZC Verizon Comms

 
TIDMVZC 
 
Verizon Completes Acquisition of Vodafone's 45 Percent Indirect Interest in 
Verizon Wireless 
 
Verizon Now Owns 100 Percent of the Industry-Leading U.S. Wireless Carrier 
 
NEW YORK, Feb. 21, 2014   -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) 
today announced that it has completed its acquisition of Vodafone Group Plc's 
(London, Nasdaq: VOD) 45 percent indirect interest in Verizon Wireless in a 
transaction valued at approximately $130 billion. As previously announced, the 
transaction is immediately accretive to Verizon's earnings per share by 
approximately 10 percent, excluding any non-operational adjustments. 
 
"This is a great day for Verizon," said Lowell McAdam, Verizon chairman and 
CEO. "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." 
 
McAdam continued: "Over the past 14 years, Verizon Wireless has become the 
largest and most profitable wireless company in the U.S., and this could not 
have been achieved without the successful partnership between Verizon and 
Vodafone. We look forward to continuing to provide superior solutions and 
services to meet our customers' evolving demands and delivering significant 
value to our shareholders." 
 
As previously announced, pursuant to the stock purchase agreement, Verizon 
issued 1,274,764,121 common shares to shareholders of Vodafone as the stock 
portion of the consideration for Vodafone's 45 percent indirect interest in 
Verizon Wireless. Verizon used proceeds from capital markets transactions 
occurring in September 2013 and February 2014, as well as $6.6 billion borrowed 
on Feb. 21, 2014 under its Term Loan Credit Agreement, dated Oct. 1, 2013, for 
the payment of the cash portion of the consideration to Vodafone and related 
fees and expenses. 
 
Guggenheim Securities LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC 
and Paul J. Taubman served as lead financial advisers to Verizon. Barclays and 
BofA Merrill Lynch served as financial advisers to Verizon. Wachtell, Lipton, 
Rosen & Katz and Macfarlanes LLP served as transaction counsel to Verizon, and 
Debevoise & Plimpton LLP advised Verizon on its debt financings. 
 
Founded in 2000 as a joint venture of Verizon and Vodafone, Verizon Wireless 
reported $81.0 billion in operating revenues in 2013. Operating income margin 
was 32.1 percent in 2013. 
 
Investor Webcast Scheduled for Monday 
 
McAdam will provide further comment during an investor presentation on Monday, 
Feb. 24, the first full day of trading for the new Verizon. Fran Shammo, 
Verizon executive vice president and CFO, will also participate in the webcast, 
which will begin at 8:30 a.m. Eastern time. Website access instructions, a news 
release and presentation slides will be available prior to the presentation on 
Verizon's Investor Website at www.verizon.com/investor. 
 
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a 
global leader in delivering broadband and other wireless and wireline 
communications services to consumer, business, government and wholesale 
customers. Verizon Wireless operates America's most reliable wireless network, 
with nearly 103 million retail connections nationwide. Verizon also provides 
converged communications, information and entertainment services over America's 
most advanced fiber-optic network, and delivers integrated business solutions 
to customers in more than 150 countries. A Dow 30 company with more than $120 
billion in 2013 revenues, Verizon employs a diverse workforce of 176,800. For 
more information, visit www.verizon.com. 
 
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and 
biographies, media contacts and other information are available at Verizon's 
online News Center at newscenter.verizon.com. The news releases are available 
through an RSS feed. To subscribe, visit newscenter.verizon.com/corporate/feeds 
. 
 
Forward-Looking Statements 
 
In this communication we have made forward-looking statements. These statements 
are based on our estimates and assumptions and are subject to risks and 
uncertainties. Forward-looking statements include the information concerning 
our possible or assumed future results of operations. Forward-looking 
statements also include those preceded or followed by the words "anticipates," 
"believes," "estimates," "hopes" or similar expressions. For those statements, 
we claim the protection of the safe harbor for forward-looking statements 
contained in the Private Securities Litigation Reform Act of 1995. The 
following important factors, along with those discussed in our filings with the 
Securities and Exchange Commission (the "SEC"), could affect future results and 
could cause those results to differ materially from those expressed in the 
forward-looking statements: the ability to realize the expected benefits of our 
transaction with Vodafone in the timeframe expected or at all; an adverse 
change in the ratings afforded our debt securities by nationally accredited 
ratings organizations or adverse conditions in the credit markets affecting the 
cost, including interest rates, and/or availability of further financing; 
significantly increased levels of indebtedness as a result of the Vodafone 
transaction; changes in tax laws or treaties, or in their interpretation; 
adverse conditions in the U.S. and international economies; material adverse 
changes in labor matters, including labor negotiations, and any resulting 
financial and/or operational impact; material changes in technology or 
technology substitution; disruption of our key suppliers' provisioning of 
products or services; changes in the regulatory environment in which we 
operate, including any increase in restrictions on our ability to operate our 
networks; breaches of network or information technology security, natural 
disasters, terrorist attacks or acts of war or significant litigation and any 
resulting financial impact not covered by insurance; the effects of competition 
in the markets in which we operate; changes in accounting assumptions that 
regulatory agencies, including the SEC, may require or that result from changes 
in the accounting rules or their application, which could result in an impact 
on earnings; significant increases in benefit plan costs or lower investment 
returns on plan assets; and the inability to implement our business strategies. 
 
SOURCE Verizon Communications Inc. 
 
CONTACT: Bob Varettoni, 908-559-6388, robert.a.varettoni@verizon.com 
 
 
 
END 
 

Verizon Comms (LSE:VZC)
Historical Stock Chart
Von Jun 2024 bis Jul 2024

Verizon Comms (LSE:VZC)
Historical Stock Chart
Von Jul 2023 bis Jul 2024