Verizon Wireless on Monday announced that it will pay its parent companies a $7 billion cash distribution in June. Verizon and Vodafone teamed up back in 2000 to create the joint venture Verizon Wireless, which has grown to become the largest wireless carrier in the United States with more than 115 million customers. Based on their respective stakes in the company, Verizon, which owns 55% of the partnership, will receive a cash payment of $3.85 billion and Vodafone, which has a 45% stake, will receive $3.15 billion. Verizon CEO Lowell McAdam previously hinted that Vodafone may not get a distribution payment this year, in an effort to pressure the company into selling its stake in the carrier. Verizon Wireless will make the payment to each company on June 25th. The company’s press release follows below.
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Verizon Wireless Announces $ 7.0 Billion Distribution to Verizon and Vodafone in June
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BASKING RIDGE, N.J., May 13, 2013 /PRNewswire/ — Verizon Wireless today announced that its Board of Representatives has declared a distribution to its owners, payable on June 25, 2013, in proportion to their partnership interests on that date, in the aggregate amount of $7.0 billion.
Verizon Wireless is a joint venture between Verizon Communications Inc., which owns 55 percent of the partnership, and Vodafone Group Plc, which owns 45 percent of the partnership.
This article was originally published on BGR.com