Vodafone closed the sale of its 45% stake in Verizon Wireless to its partner Verizon as expected on Friday.
"The Verizon Wireless transaction and Vodafone's related acquisition of the outstanding minority stake in Vodafone Italy have now completed," the operator said, in a statement published once it had received court approval.
The $130 billion deal enables the U.K. mobile operator to return around $85 billion to shareholders, a move it was keen to highlight as "the largest single return to shareholders in history".
"Our long and successful partnership with Verizon over the last 14 years has created a great deal of value for our shareholders," said Vodafone CEO Vittorio Colao. "The transactions leave Vodafone in a strong financial situation and well positioned to execute its strategy."
Verizon CEO Lowell McAdam also paid tribute to the partnership between the two telcos.
"Over the past 14 years, Verizon Wireless has become the largest and most profitable wireless company in the U.S., and this could not have been achieved without the successful partnership between Verizon and Vodafone," he said.
Nonetheless, McAdam was clearly happy to have control of Verizon Wireless back in his own hands.
"This is a great day for Verizon," he said.
"Acquiring Vodafone's stake in Verizon Wireless provides us with opportunities for greater financial flexibility, enhanced operational efficiency and innovations that will benefit customers. We are confident it will fuel further growth in our business."