Verizon wants full control of its wireless unit

NetworkWorld.com, 05/09/06

According to a story in London’s The Daily Telegraph, Verizon offered Vodafone $38 billion for its 45% stake in Verizon Wireless.

Verizon wants full control of its wireless unit, of which it currently owns 55%. But the asking price seems to be much higher than the carrier offered, this time anyway.

According to multiple reports Vodafone is looking for and should expect at least $50 billion for its stake in the second largest wireless service provider in the U.S.

Vodafone has been under pressure from its shareholders and industry analysts to sell its stake in Verizon Wireless. The company has been dealing with slumping numbers stemming from units owned in other parts of the world. And industry watchers question Verizon Wireless’ fit with Vodafone’s overall focus.

Verizon Wireless operates a CDMA network where Vodafone’s multiple properties throughout Europe are based on GSM technology.

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