The Verizon Wireless board of representatives voted to distribute to its owners, Verizon (NYSE:VZ) and Vodafone (NASDAQ:VOD), a dividend in the amount of $7 billion, Verizon announced yesterday.

Verizon will received $3.85 billion and Vodafone will receive $3.15 billion, based on their respective 55%-45% share of the joint venture. The dividend will be payable on June 25.

There have been recent news reports citing unnamed sources close to the companies saying that Verizon is planning on making an offer to Vodafone for its share of Verizon Wireless. Speculation has put the potential cost of buying out Vodafone as high as $130 billion. The Wall Street Journal had reported earlier this month that Verizon chief executive Lowell McAdam had "hinted" in a meeting with investors that Verizon Wireless might not pay a distribution to its two owners this year.