Verizon have completed the buyout of Vodafone’s stake in Verizon Wireless for $130 billion as the FCC has approved the proposal, which was sent and confirmed in last September.
With the $130 billion buyout of Vodafone’s stake in its wireless communication business, Verizon will have complete control over it when the deal closes in first quarter of 2014.
FCC approved this buyout deal under the new streamlined foreign ownership rules, which encourage more foreign investments in wireless networks of United States.
Vodafone bought the 45 percent of Verizon’s wireless network business in 1999 for $70 billion and now the Wireless giant buy back the stake from Vodafone for $130 billion in cash and stock.
Verizon has released an official statement, where Randal Milch, the company’s executive vice president of public policy, said,
“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 U.S. economy. 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.”