Verizon Communications Inc. (NYSE, Nasdaq: VZ) today announced that it has received the approvals needed from the Federal Communications Commission to acquire Vodafone’s U.S. group with the principal asset of 45 percent of Verizon Wireless.
Specifically, the FCC approved Verizon’s foreign ownership petition should post-closing foreign ownership of Verizon exceed 25 percent, and entered its consent to certain pro forma license transfers.
Randal Milch, executive vice president – 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.”
Milch continued, “Over the past 13 years Verizon Wireless has focused on meeting consumer needs through innovation and network reliability to become the premier mobile provider in the U.S. Full ownership of Verizon Wireless strengthens our ability to provide an outstanding consumer experience with advanced mobile devices, first-in-our-class network quality and reliability, and new products and services that leverage and integrate our global communications technologies.”
The transaction remains subject to customary closing conditions, including the approval of both companies’ shareholders. The transaction is expected to close in the first quarter of 2014.