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When the Big Three complain about how Verizon’s entry would lead to disastrous outcomes for Canadians, we should all be suspicious.
When the Big Three complain about how Verizon’s entry would lead to disastrous outcomes for Canadians, we should all be suspicious.
(Rick Wilking/REUTERS)

Chances of Verizon coming north shrink as focus shifts to home market

The mystery of why Verizon Communications suddenly cooled a few weeks ago on a plan to come to Canada appears to be solved: the U.S. phone behemoth is working on a much bigger and more strategic deal that requires all its corporate resources.

The Wall Street Journal reported Wednesday evening that Verizon and Vodafone Group have reopened previously stalled talks about a buyout by Verizon of their jointly owned Verizon Wireless business in the U.S. The price Verizon will have to pay for Vodafone’s 45 per cent stake will likely be more than $100-billion (U.S.) , the Journal said. Bloomberg reported the parties are closing in on a deal at a price point of $130-billion, with an announcement possible in coming days.