Verizon Communications and Vodafone today announced an agreement that will see Verizon gaining full control over Verizon Wireless after buying Vodafone’s 45 percent stake in the company for $130 billion. The deal, which was unanimously approved by the boards of directors of both companies, consists of both cash and stock. It will give Verizon 100 percent ownership of the company, allowing it to be "better equipped to take advantage of the changing competitive dynamics in the market." Verizon chairman and CEO Lowell McAdam had the following to say about the deal:"This transaction will enhance value across platforms and allow Verizon to operate more efficiently,
