Vodafone today confirmed reports that it is in talks with Verizon Communications to sell its 45% stake of Verizon Wireless.
Verizon Wireless is a joint venture between Verizon Communications and Vodafone. The companies held talks earlier this year, but no deal was reached. The two firms rekindled their discussions in July due to changes in the financial markets that make the deal more attractive to both companies. Verizon is working with banks to raise about $60 billion to help with the buyout.
The total cost of the deal is said to between $100 and $130 billion. Vodafone said that it would use any funds raised by the sale to help with other acquisitions and to pay down debt.
