Vodafone’s £84bn Verizon Wireless sale cleared by US regulator

0
476

The operator’s $130 billion (£84bn) sale of its 45 per cent stake in Verizon Wireless to parent company Verizon Communication is expected to be completed in Q1 2014

Vodafone has been given the green light to sell its 45 per cent stake in Verizon Wireless to Verizon Communications for $130 billion (£84bn).

The US Federal Communications Commission (FCC) approved the deal – which was announced in September – under a new ‘fast-track’ process which was designed to encourage investment in mobile networks.

The transaction remains subject to some closing condition, such as the approval of both companies’ shareholders who will be given full details of the deal next week.

Verizon Communications said the it expects the transaction to be completed in the first quarter of 2014.

Verizon Communications executive vice president of public policy Randal Milch said: “We thank the FCC for its quick action in approving our transaction with Vodafone, which will provide Verizon with 100 per cent ownership of Verizon Wireless and a boost to one of the most important sectors of the US economy.

“We are grateful to the commission for its commitment to process reforms that benefit wireless carriers and the customers we serve.”

NO COMMENTS

LEAVE A REPLY