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Vodafone shares have soared in early trading – up over 8% (now 33% YTD) as I write – on an announcement that they are in negotiation about a sale of their stake in Verizon. The 45% stake could be worth c$100b. As The Telegraph said the deal would create “an unrivalled war chest for more acquisitions and wiping out debt, as well as delivering a bonanza to shareholders.” But we should remember that Verizon makes up much of Vodafone’s profits which have been depressed of late in their mainstream European geographies as consumers there tighten their belts.
Just to declare that I am a very long-term Vodafone shareholder and user.
