The Federal Communications Commission (FCC) has given its nod to Verizon's USD130 billion purchase of Vodafone's stake in Verizon Wireless. This is the third largest corporate acquisition in history. The said deal will give Verizon 100% ownership of Verizon Wireless, according to CNET.
For years, Verizon has sought to buy out Vodafone's 45% stake in Verizon Wireless, the top wireless provider in the US. The transaction took longer because the two firms were unable to agree on the financial terms of the deal, the report explained.
The stake sale was first announced in September. Under the terms of the deal, Verizon will pay USD58.9 billion in cash and USD60.2 billion in stock for Vodafone's 45% stake, the report said.
FCC approved the buyout under new policies that allow for easier foreign investment in American wireless networks. The agency aimed to cut down red tape and facilitate international investment, the report stated.
The stake acquisition is subject to customary closing conditions and shareholder approval from both companies. The transaction is expected to be finalized at the start of 2014, CNET reported.
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