Here’s How the Verizon-Vodafone Deal Will Stimulate the British Economy
According to a report from U.K. paper the Guardian, Vodafone’s (NASDAQ:VOD) senior executive team of 25 people will collect a total of 56 million pounds, or a little over $90 million, from the sale of the British Vodafone’s 45 percent stake in Verizon Wireless to Verizon Communications (NYSE:VZ).
Back at the beginning of September, Vodafone confirmed that it was selling its stake in Verizon Wireless to Verizon for $130 billion in one of the largest corporate deals of all time. The move will give Verizon full control over the largest wireless carrier in the U.S. Vodafone has promised to give 71 percent of the cash to its shareholders, which have already benefited from the record highs Vodafone’s stock has hit since the deal was announced. Vodafone stock is one of the most widely held stocks in Britain.
Vodafone Chief Executive Officer Vittorio Colao will make 10 million pounds in the deal — almost as much as the 11 million pounds he made last year. The Guardian reported that the deal will pour almost as much cash into the British economy as the Bank of England’s qualitative easing.