Vodafone details share consolidation for Verizon deal

Vodafone announced Wednesday that its shareholders will receive 0.026 Verizon Communications shares for every Vodafone share for the sale of the telecom giant's stake in its joint-venture Verizon Wireless. The shares will be consolidated on February 24th at a ratio of six new shares for every existing 11 Vodafone shares. As an illustrative example, the company said that if the necessary court approval was granted on February 21st then the return of value would be equivalent to 102p per Vodafone share, comprising 72p in Verizon common shares and 30p in cash.Vodafone agreed the £84bn sale of its 45% stake in Verizon Wireless in September last year, marking the third largest deal in history. NR