Investors back Verizon deal

Investor's Business Daily

Shareholders of No. 1 U.S. wireless company Verizon Communications (VZ) and U.K.-based Vodafone (VOD) approved Verizon's $130 bil takeover of Verizon Wireless, their venture that, if concluded, would be 3rd biggest corporate deal ever. Some $84 bil, or 71% of net proceeds, would be returned to Vodafone shareholders after Verizon acquires Vodafone's 45% stake. Verizon CEO Lowell McAdam said the deal would enable Verizon to invest in technologies. Verizon shares fell 0.7% to 47.36.

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