Vodafone to Spend Verizon Dividend on Business

Vodafone Group said Tuesday it will keep the $3.15 billion dividend payment it will receive from Verizon Wireless and plow it into its flagging operations in Europe, which weighed heavily on the mobile giant’s full-year profit.

With its vast operations in troubled Europe under siege from intense competition and regulatory changes, Vodafone is in desperate need of a reboot to keep pace with competitors whose popular bundled offers of mobile, fixed-line, television and Internet services are leaving the U.K. company isolated as a mobile-only player.

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