The Firm is representing Vodafone Group Plc ("Vodafone") in connection with the announced sale of its U.S. group, whose principal asset is a 45% interest in Verizon Wireless ("VZW"), to Verizon Communications Inc. ("Verizon") for a total consideration of US$130 billion (£84 billion), which consists primarily of cash, stock, Verizon loan notes and Verizon's 23% interest in Vodafone Italy. This transaction is expected to close in the first quarter of 2014 and is subject to customary closing conditions, including the approval of Vodafone’s and Verizon’s shareholders and certain regulatory clearances.
Vodafone (NASDAQ: VOD) is one of the world's largest mobile communications companies by revenue with approximately 404 million customers in its controlled and jointly controlled markets as of 31 March 2013. Vodafone currently has equity interests in 30 countries across five continents and around 50 partner networks worldwide. VZW, founded in 2000 as a joint venture of Verizon and Vodafone, is the largest U.S. wireless company with reported $75.9 billion in operating revenues in 2012 and $39.5 billion in the first half of 2013. Verizon (NYSE, NASDAQ: VZ), a Dow 30 company with nearly $116 billion in 2012 revenues, is a global leader in delivering broadband and other wireless and wireline communications services to consumer, business, government and wholesale customers.
The Simpson Thacher team includes Bill Curbow, Eric Swedenburg, Andrew Nightingale, Austen Heim and Jasmine Kaufman (M&A); Steve Todrys and Vanessa Grieve (Tax); Patrick Ryan and Brian Gluck (Banking); John Lobrano (Securities); Peter Thomas, Michael Naughton and Christopher Cahill (Regulatory); Greg Grogan and Alina Finkelshteyn (Executive Compensation and Employee Benefits); and David Shevlin and John Bennett (Exempt Organizations).