Details of the deal just hitting the wires.
The market was expecting the cash part of the deal to be around $60bn in cash so it wasn’t far off.
Shares to be issued to Vodafone shareholders in the region of $60.2bn and around the $47.00-$51.00 range
There is also some juggling about of different Vodafone entities owned by Verizon which they will be selling back.
The transaction is expected to be closed in Q1 2014. As far as the FX implications go, all the major banks are involved in the deal either from an advisory capacity or in giving bridging loans to aid the deal, so nailing down the possible FX moves will be tough, if not nigh on impossible, and we’ll likely only hear about it after the event.
Cable has fallen to a low of 1.5530 as the market possibly got ahead of itself as usual.