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Verizon wins approval for $130 billion takeover of Vodafone's share of its wireless network

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Verizon Wireless store (STOCK)
Verizon Wireless store (STOCK)

Months after Verizon confirmed its $130 billion buyout of Vodafone's stake in Verizon Wireless, the FCC has given its approval. With the commission's blessing, Verizon will have complete control of its lucrative wireless communications business when the purchase closes in Q1 2014.

Verizon will have complete control of its wireless business

The decision was granted under newly streamlined rules that are hoped to encourage foreign investment in the US' wireless networks. As part of the approved deal, Verizon, currently a 55-percent stakeholder in Verizon Wireless, will buy back the 45-percent stake Vodafone has owned since 1999. Vodafone shareholders will also get Verizon stock as part of the exchange.

In an official statement, Verizon executive vice president of public policy Randal Milch stated, "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."