Vodafone’s $130bn Verizon deal given go ahead by US regulator

Oliver Smith
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VERIZON’S $130bn (£79bn) purchase of Vodafone’s stake in joint US venture Verizon Wireless was granted approval from the Federal Communications Commission (FCC) yesterday.

“In this instance, the International Bureau was able to expeditiously grant the declaratory ruling by public notice after completing its public interest review,” said International Bureau chief Mindel De La Torre.

The deal still has to be approved by closing conditions including the approval of Vodafone and Verizon shareholders. Subject to approval, the deal is expected to complete in the first quarter of 2014.

“We are pleased that our long and successful partnership with Verizon will yield a significant return of value to our shareholders, said Vodafone chief executive Vittorio Colao on the deal in September.

Since the deal was announced Vodafone’s share price has risen 14.1 per cent and closed up 1.2 per cent at 226.5p yesterday.