Verizon Wireless Approves $10 Billion Distribution to Co-Owners

Verizon Wireless, the largest U.S. wireless carrier, approved a $10 billion distribution to owners Verizon Communications and Vodafone Group Plc, the first payout of that kind in more than five years.

The payment will be made on Jan. 31 and distributed to the two companies in proportion to their ownership in Verizon Wireless, the company said. New York- based Verizon Communications holds 55 percent of the wireless venture, while Newbury, England-based Vodafone owns 45 percent. Verizon Wireless will still have enough funds to buy assets, such as any divestitures that may be part of AT&T’s acquisition of T-Mobile USA, said spokesman Peter Thonis. Verizon Wireless generates more than $10 billion in cash annually, leaving it with money to make its own deals, Thonis said.