Verizon sale the decade’s biggest

Vodafone Group Plc completed the biggest sale of the past decade yesterday, leaving the wireless carrier about half the size it was, as chief executive Vittorio Colao embarks on a new expansion strategy.

After the disposal of its 45% stake in Verizon Wireless, the biggest US mobile phone company, Vodafone will pay out $82.5bn (€60bn) to shareholders and consolidate its shares, cutting its market value to about £60bn (€72bn) starting next week. Its value was £116bn, based on last month’s 12-year high of 240 pence.

Colao has spent his tenure pulling Vodafone out of joint ventures and partnerships it doesn’t control. Now that Colao has pulled off his biggest sale, he has to find somewhere to grow as the company grapples with shrinking service revenue in its main European markets.