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DEALMAKER

William Curbow, 53, a corporate partner in the New York office of Simpson Thacher & Bartlett.

THE CLIENT

British telecommunications giant Vodafone Group

THE DEAL

Vodafone is selling its 45 percent stake in Verizon Wireless to joint venture partner Verizon Communications for $130 billion in cash and stock. Verizon already held the remaining 55 percent stake.

THE DETAILS

Announced Monday, the deal calls for Verizon to pay Vodafone $58.9 billion in cash, along with $60.2 billion in Verizon shares, in order to gain full control of Verizon Wireless—the largest mobile operator in the United States. The total consideration also includes $7.5 billion of loan notes and reduced liabilities as well as $3.5 billion in the form of Verizon's sale of a 23 percent stake in Vodafone Italy back to the British company.

The deal—which is subject to the approval of both Vodafone's and Verizon's shareholders, as well as regulatory approval—is expected to close in the first quarter of 2014. The agreement also called for Verizon to pay a $10 billion breakup fee to Vodafone if the U.S. company was unable to secure financing for the deal.

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