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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.

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