Verizon mulls $10bn asset sale to cover debts

Verizon is currently in talks to raise approximately $10bn through the sale of its assets, as part of efforts to meet its debt commitments.

The Wall Street Journal reported that the plans involved the sale of its mobile telephone towers and units of its landline business, which is claimed to be the largest in the country.

With the sale set for official revelation later this week, Verizon is planning to cover outstanding debts of around $10.4bn for cell phone licenses obtained in last week’s bid.

The sale would also assist the telecoms firm to clear the debt incurred in procuring 45% of Vodafone’s stake in Verizon Wireless, a move that delivered complete access to the company.

Verizon reported a net loss of $2.148bn in the midst of growth in new revenue streams during the fourth quarter of 2014, despite 6.8% rise in total operating revenues to $33.2bn.

Full-year profits also reached $11.956bn, a drop from $23.547bn in 2013, while generating operating revenues of $127.1bn, up 5.4%.

 

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