Verizon Communications' purchase of Vodafone's stake in Verizon Wireless approved by FCCAlex Wagner - Editorial Director of News and Content
Microsoft's acquisition of Nokia's Devices & Services division isn't the only major wireless deal making progress toward completion today. Verizon Communications just announced that its transaction with Vodafone has been green-lit by the Federal Communications Commission, meaning that Big Red is now one step closing to owning the entirety of the Verizon Wireless joint venture. The deal is still subject to approval from the shareholders of both companies. Verizon says that it expects the transaction to be complete during the first quarter of 2014.
Following years of rumors and speculation, Verizon Communications recently agreed to buy Vodafone's 45 percent stake in the Verizon Wireless joint venture. Verizon will be spending a total of $130 billion in cash, stock and other items as part of the deal. The big red company says that owning all of Verizon Wireless will enable it to offer "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 FCC's notice of its approval as well as Verizon's announcement can be found at the appropriate links below.