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LONDON, Sept 2 (Reuters) - Vodafone said itsshareholders would receive about $84 billion in cash and sharesafter the company completes the sale of its 45 percent stake inVerizon Wireless to Verizon Communications for $130billion.
Under the agreement announced on Monday, the third-largestdeal in corporate history, Verizon will take full control of thelargest mobile operator in the U.S. by paying Vodafone $58.9billion in cash, $60.2 billion in Verizon stock and anadditional $11 billion from smaller transactions.
All the stock will go to shareholders, plus $23.9 billion incash, after the deal is finalised, likely to be in the firstquarter of 2014.
Vodafone also said it would plough 6 billion pounds ($9.3billion) into improving its mobile and broadband networks acrossits footprint over the next three financial years. It said theinvestment programme dubbed Project Spring would help it boostgrowth to underpin its increasing dividend payments toshareholders.
It will have a U.S. tax liability of around $5 billion.
While Vodafone will lose its best asset, it will get a warchest it will use to reward shareholders and bolster itsEuropean operations, which are under pressure from recession andtough regulation.
"We are pleased that our long and successful partnershipwith Verizon will yield a significant return of value to ourshareholders, rewarding them for their continuing support ofVodafone's investment strategy," Chief Executive Vittorio Colaosaid.
"We wish Lowell and the Verizon team continuing success overthe years ahead." ($1 = 0.6425 British pounds) (Reporting by Kate Holton; Editing by Leila Abboud and WillWaterman)