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Vodafone's sale of ownership of joint venture to Verizon - Essay Example
Finance & Accounting
Pages 13 (3263 words)
(Author’s Name) (Institutional Affiliation) VODAFONE’S SALE OF OWNERSHIP OF JOINT VENTURE TO VERIZON a) Briefly discuss the history of the joint venture The joint partnership between Vodafone and Verizon Communications can be traced back to September 1999 when Vodafone Airtouch Plc…
It began its operations on April 4rd 2000. The birth of Verizon Wireless followed two years of spirited negotiations in the wake of a competitive marketplace and received regulatory approval within six months. It began trading on the New York Securities exchange on July 3rd 2000 and its shares were traded on the NASDAQ exchange on March 2010 (British Invisibles 2009, pg. 18). Under the partnership, Verizon Communication was to hold 55 per cent of the shares under its subsidiaries GTE Wireless Inc. 30.8% and Atlantic Mobile Systems LLC 24.2%. Vodafone would hold the remaining shares under its subsidiaries PCS Nucleus, L. P holding 6.2% and JV PartnerCo, LLC holding the remaining 38.8%. Verizon wireless went on an expansion spree, acquiring Virginia Wireless by the end of 2006 and Rural Cellular Corporation (Unicel) in July 30th 2007. More mergers were to follow with the acquisition of Ramcell in mid-2007 and Surewest communications on June 5th 2008 and by November 2008, Verizon wireless had consolidated its place as the largest wireless carrier in the United States. Its shares had also risen significantly. More success was achieved on May 8th 2009 when AT&T announced that it would be selling five Centennial Wireless service areas to Verizon wireless (Goldberg 2013, pg. 19). ...
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