He said in Goldman Sachs conference:
"Yeah, the Verizon deal was, it was stunning to me. I was very impressed that the deal of that magnitude -- done in the pace that they did it. And the pricing was very interesting and attractive..."
T isn't going to touch the huge emerging markets of VOD for the approximate 10x FCF that the 45% VZW commanded. Going to take close to 15x 2012 FCF for VOD plus some for the proceeds VOD will be retaining (~41B) from the VZW sale. VOD worth $42 without any takeover premium, $47-51 with a premium.
45% VZW would generate $10.85B pre-tax income for VZ for the past 12 months according to the minority interest in VZ financial report. Assuming 25% effective tax rate, after-tax net income would be $8.13B accretive to VZ earnings. P/E multiple 16 (130B/8.13B) would be what VZ paid for 45% VZW share. And AT&T CEO thought the P/E was attractive! That's my point.