Verizon to distribute $7 bn to Verizon and Vodafone

Verizon Wireless today announced that its board of representatives has declared a distribution of an aggregate amount of $7 billion to its owners.

The amount is payable on June 25, 2013 and is in proportion to their partnership interests on that date.

As per the announcement, Verizon will get $3.85 billion and Vodafone Group will get $3.15 billion as per the partnership.

Verizon Wireless is a joint venture between Verizon Communications which owns 55 percent of the partnership and Vodafone Group which owns 45 percent of the partnership.

Verizon Wireless operates the nation's largest 4G LTE network and largest, most reliable 3G network. The company serves 98.9 million retail customers, including 93.2 million retail postpaid customers.

Headquartered in Basking Ridge, New Jersey, with more than 73,000 employees nationwide, Verizon Wireless is a joint venture of Verizon Communications.