Vodafone sells Verizon stake for $130bn

Vodafone has confirmed it is selling its stake in America's largest mobile phone company in the third largest corporate deal in history.

The $130bn (£84bn) deal was announced by Vodafone after the close of trading on the London Stock Exchange. The company will return £54bn to its shareholders, of which £22bn will go to shareholders in the UK.

In a statement by the company said: "Vodafone confirms that it is in advanced discussions with Verizon Communications Inc regarding the disposal of Vodafone's US group whose principal asset is its 45% interest in Verizon Wireless for $130bn. The consideration would substantially comprise a mixture of Verizon common stock and cash."

Vodafone is on the verge of relinquishing a 45% interest in America's largest mobile phone company to its joint venture partner Verizon Communications, allowing the fixed-line telecoms group to take full control after 13 years of often fractious shared ownership.