Verizon Close to Deals to Sell Over $10 Billion in Assets: Report

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Verizon Close to Deals to Sell Over $10 Billion in Assets: Report
Verizon Communications Inc is nearing wrapping up deals to sell more than $10 billion (roughly Rs. 61,630 crores) in assets, the Wall Street Journal reported, citing people familiar with the matter.

The planned sales include cellphone towers and parts of its landline phone business, the WSJ reported.

As Verizon focuses on updating its network, the company would consider selling cellphone towers if it found an attractive deal, chief executive Lowell McAdam said on a January call with investors.

"There are certain assets on the wireline side that we think would be better off in somebody else's hands so we can focus our energy in a little bit more narrow geography," McAdam said.

Divesting assets could also help Verizon repurchase some shares it issued after it announced the Vodafone deal, he added.

Different buyers are involved in the deals, which could be announced late this week, the WSJ added.

A Verizon spokesman declined to comment.

The largest U.S. carrier purchased 181 licenses worth $10.4 billion (roughly Rs. 64,096 crores) in the AWS-3 spectrum auction that closed last week. In 2013, Verizon announced its plans to acquire the 45 percent stake in Verizon Wireless that it did not already own from Vodafone for $130 billion (roughly Rs. 8,01,200 crores).

The company has been exploring steps to speed up its debt repayment in recent months.

© Thomson Reuters 2015


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