I am sticking by the prediction I made one year back - that the biggest M&A deal over the next four years will be a Verizon takeover of Vodafone. By 2010 end, Verizon Wireless will be levered at 0.5x debt/EBITDA. There is hardly anything left in US to acquire. VZW can't expand abroad under the partnership agreement with VOD. The best thing would then be for VZ to acquire Vodafone and become a global wireless operator.
No sell side analyst talks about it - this is completely original.
Disclaimer: Own Vodafone