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Verizon Wireless to make $7 million distribution

BASKING RIDGE, N.J. (AP) -- Verizon Wireless said Monday that it will make a $7 billion distribution to its owners.

The company, based in Basking Ridge, N.J., is a joint venture between Verizon Communications Inc. and Vodafone Group PLC. Verizon owns 55 percent of the partnership and Vodafone owns 45 percent.

The distribution is payable on June 25th in proportion to their partnership interests on that date.

Verizon Wireless is one of the country's largest cellphone service providers with more than 98 million wireless customers.

Verizon Communication's shares fell 34 cents to close at $52.55. Vodafone rose 46 cents to close at $29.66.