Flush with cash, Vodafone will keep funds close to vest

Vodafone Group will take the $130 billion from selling its 45% stake in Verizon Wireless and keep it close to home rather than pursuing sizable acquisitions, Chief Executive Vittorio Colao told reporters. The British-based telecom will return about $84 billion in cash and stock to shareholders, invest about $9 billion to upgrade wireless and fixed-line networks and earmark the remainder to pay down debt.

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Wall Street Journal (tiered subscription model), The · Bloomberg Businessweek

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