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Vodafone to offload stake in Verizon Wireless?

Vodafone to offload stake in Verizon Wireless?

Mobile phone network Vodafone could sell its shares in US carrier Verizon Wireless, it has been revealed.

Addressing delegates in New York at a Goldman Sachs media conference, Vodafone Chief Executive Vittorio Colao revealed that the telecommunications is reassessing its 45 per cent stake in Verizon.

He said: “Verizon Wireless is and has been a good investment. We are a minor investor, [but are] very active. The board continues to re-look at the situation."

Mr Coloa's speech also acknowledged that the firm is feeling the impact of the credit crunch and that this had been especially evident in the downturn in demand for BlackBerry mobile phones.

The company’s business had also been hit by its failure to secure UK and German exclusivity rights to sell the iPhone and the latest edition thereof, the iPhone 3G S, he said.

Vodafone did however win UK rights to sell the HTC Magic, an Android mobile phone which has defied the fall in consumers’ disposable incomes to sell over a million units.

Category: News

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