Vodafone has confirmed that it is in advanced talks over the sale of its 45 per cent stake in Verizon Wireless, which it is selling to Verizon Communications.
A price of $130 billion (£84 billion) has been agreed between the two firms, but it is not expected any UK corporation tax will be paid on this amount, reports BBC News.
The sale is expected to go through today (September 2nd) after it was confirmed by Vodafone that a deal is close.
"Vodafone confirms that it is in advanced discussions with Verizon Communications Inc regarding the disposal of Vodafone's US group," the mobile phone firm said in a statement.
Richard Dunbar, investment director at Scottish Widows, told BBC News that Verizon Wireless is currently in excellent shape and the company has 100 million customers.
Vodafone's share price is up today on the news it is selling its stake in Verizon. At 08:34 BST this morning, stocks were trading 4.25 per cent higher than at the start of the session.
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