(Image source from: Vodafone sells its wireless stake})

In what can be dubbed as one of the largest corporate deals ever, the noted American broadband and telecommunications company Verizon Communications  bought the wireless business of Vodafone for a whopping $130 billion.

As per the accord signed by the telecom major on Monday, Vodafone  will receive $58.9 billion in cash, $60.2 billion in Verizon stock, and an additional $11 billion from smaller transactions.

"This has been a highly productive partnership in a business with excellent momentum," Vodafone Chief Executive Vittorio Colao told reporters.

The buy out was unanimously approved by both Verizon and Vodafone.

“The buyout will give Verizon full access to the wireless unit's cash, handing it fresh firepower to invest in superfast mobile networks and fend off challengers in a U.S. market expected to grow more competitive in the coming years,” revealed The Huffington Post.

AW: Suchorita Dutta