Vodafone has said it is in "advanced" talks over the sale of its 45 per cent stake in Verizon Wireless in the US.
The company has confirmed it is currently discussing selling the shares to Verizon Communications and has valued the transaction at $130 billion.
In a statement, Vodafone said it is in advanced discussions with Verizon Communications regarding the disposal of Vodafone's US group.
However, Vodafone warned there was still no certainty an agreement would be reached and should the deal take place in the US, the UK taxman will receive nothing.
According to Vodafone, the consideration would "substantially comprise a mixture of Verizon common stock and cash".
US markets are closed today (3 September) for Labor Day, though the deal is expected to be finalised and announced by both parties imminently.
Vodafone shares rose more than three per cent on Monday morning, valuing the UK group at close to £100 billion.
By Gary Cooper