Verizon Wireless, the biggest U.S. mobile network, will pay its shareholders an $8.5 billion dividend before the end of the year, after a $10 billion payout in 2011.

That means another big payday for the two shareholders of the mobile venture, Verizon Communications and the U.K.’s Vodafone Group. And it also means avoiding a potentially painful rise in taxes in 2013, with the company saying the dividend must be paid out on or before December 31.

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