Australia to benefit from share buyout

Vodafone Australia customers are set to benefit from a $US130 billion ($141 billion) deal between US-based Verizon and the British Vodafone Group as proceeds of the deal start to flow to operations around the globe.

Vodafone Australia customers are set to benefit from a $US130 billion ($141 billion) deal between US-based Verizon and the British Vodafone Group as proceeds of the deal start to flow to operations around the globe.

US mobile giant Verizon announced last week it would buy out the Vodafone Group's share in Verizon. Most of the proceeds were expected to flow back to Vodafone Group Plc shareholders, but the London-based company also announced £6billion ($10.2 billion) would go towards additional capital expenditure across all of its markets in a three-year spending spree dubbed Project Spring.

"We can confirm that Australia will be one of the markets to benefit from Project Spring, which is incredibly exciting given Vodafone's already strong spectrum holdings in this market," a spokeswoman for Vodafone Hutchison Australia said.

Exactly how much money trickles down to Australia remains to be seen.

Read the full story at smh.com.au/it-pro

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