FCC approves Verizon purchase of Vodafone stake in Verizon Wireless

Verizon announced yesterday that the company has received initial approval from the FCC to begin the buyback process of 45% of Verizon Wireless from U.K.'s Vodafone. Upon the deal's completion, which is slated for the first quarter of 2014, Verizon will own 100% of Verizon Wireless.

"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 US economy," Randal Milch, Verizon's executive vice president of public policy, said in a statement Wednesday.

"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," he continued.

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.

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