Date
20 August 2017
US wireless carrier Verizon is looking to sell some assets to pare down its debt. Photo: Bloomberg
US wireless carrier Verizon is looking to sell some assets to pare down its debt. Photo: Bloomberg

Verizon nearing deals to sell over US$10 bln in assets: WSJ

Verizon Communications Inc, the largest wireless carrier in the US, is close to wrapping up deals to sell more than US$10 billion in assets, the Wall Street Journal reported.

The planned disposals include cellphone towers and parts of its landline phone business, the report said, citing sources familiar with the matter. 

Different buyers are involved in the deals, which could be announced late this week, according to the report.

The move comes as Verizon is working to pay down debt and cover the US$10.4 billion in wireless licenses it won in a government auction that closed last week, the Journal noted.

Verizon took on a massive debt load to complete its US$130 billion buyout of Vodafone Group’s 45 percent stake in their US wireless joint venture.

“There are certain assets on the wireline side that we think would be better off in somebody else’s hands so we can focus our energy in a little bit more narrow geography,” Verizon’s chief executive Lowell McAdam said last month.

Divesting assets could also help Verizon repurchase some shares it issued after it announced the Vodafone deal in 2013, he added.

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RC

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