News by Andrew Kameka on Wednesday December 04, 2013.
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Though the headline may be a head-scratcher at first, that's because Verizon Wireless is actually a joint venture between Verizon Communications and European-based conglomerate Vodafone. The two companies agreed to a deal that would turnover control of the Wireless company to Verizon for $130 billion. Verizon has announced that the FCC has granted the approval necessary to takeover the Wireless arm.
Shareholders for Verizon Communications and Vodafone remain on the list of steps that must be taken in order for Verizon to assume 100 percent ownership of the Wireless company. Randal Milch, EVP and general counsel of Verizon issued the following statement in conjunction with the approval announcement:
"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. This application approval also marks the first use of the streamlined foreign-ownership review procedures that the FCC adopted earlier this year, and we are grateful to the commission for its commitment to process reforms that benefit wireless carriers and the customers we serve."source: Verizon
Andrew is MobileBurn.com's managing editor. He is based in Miami, Florida.