Plus   Neg

Verizon Gets FCC Approvals To Buy Vodafone's Stake In U.S. Wireless JV

Verizon Communications Inc. (VZ) said Wednesday that it has received the approvals needed from the Federal Communications Commission to acquire British mobile phone company Vodafone Group Plc.'s (VOD,VOD.L) U.S. group with the principal asset of 45% of Verizon Wireless.

Specifically, the FCC approved Verizon's foreign ownership petition should post-closing foreign ownership of Verizon Wireless exceed 25%, and entered its consent to certain pro forma license transfers.

In September, Verizon Communications agreed to buy Vodafone's 45% stake in their Verizon Wireless joint venture in a $130 billion cash and stock deal that gives it full control of the largest and most profitable U.S. mobile phone carrier.

The deal, which remains subject to customary closing conditions, including the approval of both companies' shareholders, is still expected to close in the first quarter of 2014.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The European Commission said Friday that it has signed a deal with Sanofi and GlaxoSmithKline to secure up to 300 million doses of their potential COVID-19 vaccine. Acella Pharmaceuticals recalled certain lots of hypothyroidism medication NP Thyroid in the form of tablets due to super potency, the U.S. Food and Drug Administration said in a statement. The company is recalling one lot of 15mg and one lot of 120mg of NP Thyroid that are packaged in 100 count bottles in strengths of 15 mg, and 120 mg, with expiration dates between October 2020 and November 2020. Walmart announced its decision to raise wages for around 165,000 hourly associates across all its U.S. stores starting October, and introduce a team-based operating model in Supercenters. In a tweet, the retail giant said, "Today we're introducing new leadership roles and cross-training opportunities, giving our associates more ways to grow their careers."
Follow RTT