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Sep 2, 2013 11:54 AM by Eric Ross

Vodafone confirms late-stage talks with Verizon

NEW YORK (AP) - Vodafone says it is in advanced talks to sell its 45 percent stake of Verizon Wireless back to the cellphone service provider for $130 billion in cash and stock.

Verizon would own its wireless business outright after buying the stake back from British cellphone company Vodafone PLC.

Vodafone says there is no certainty that a final deal will be reached. Verizon Communications Inc. is declining to comment.

A deal would help Vodafone focus on Europe, while boosting Verizon's quarterly earnings.

The change isn't expected to have much of an effect on Verizon consumers or on its operations. Vodafone had little influence on Verizon Wireless' operations.

Verizon has had a long-standing interest in buying out its partner, but the two companies couldn't agree on a price until now.

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