updated 06:21 pm EST, Wed December 4, 2013
$130 million in cash and stock shares to exchange hands
The Federal Communications Commission (FCC) has approved Verizon's $130 billion buyout of Vodaphone's share of Verizon Wireless. The ruling paves the way for Verizon's complete ownership of the wireless business when all aspects of the transaction are concluded in the first half of 2014.
Randal Milch, executive vice president of public policy and general counsel of Verizon, said "we thank the FCC for its quick action in approving our transaction with Vodafone, which will provide Verizon with 100 percent ownership of Verizon Wireless and a boost to one of the most important sectors of the U.S. economy. This application approval also marks the first use of the streamlined foreign-ownership review procedures that the FCC adopted earlier this year, and we are grateful to the Commission for its commitment to process reforms that benefit wireless carriers and the customers we serve."
The transaction remains subject to customary closing conditions, including the approval of both companies' shareholders. The FCC was required to clear the transaction, as Verizon's foreign ownership could exceed 25 percent, as Vodaphone shareholders will receive Verizon stock as part of the deal.