Verizon Wireless plans to pay $8.5 billion to its parents


Verizon Wireless said on Monday that its board agreed to pay distributions of $8.5 billion to its parents Verizon Communications and Vodafone Group Plc .

The company, which is 55 percent owned by Verizon and 45 percent owned by Vodafone, said the distributions would be paid in one or more tranches, with each tranche paid in proportion to the owners' partnership interests.

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The dividends are due to be paid on or before December 31, Verizon Wireless said.

(Reporting By Sinead Carew; Editing by Phil Berlowitz)