FCC Greenlights Verizon Communication's Vodafone Buyout
The Federal Communications Commission today approved a key provision in Verizon Communication's attempt to buy Vodafone Groups stake in Verizon Wireless. The FCC said that it will be acceptable for more than 25% of Verizon's ownership to come from foreign investors after the deal closes. There is a limit on the amount to 25% because Verizon controls spectrum access licenses in the U.S. Due to the way the deal is structured, foreign ownership of Verizon Communications may at times exceed that percentage, but the FCC won't oppose it. This was the only approval Verizon needed from the FCC, though the deal still requires shareholder approval. Verizon Wireless is a joint venture that is 55% owned by Verizon Communications and 45% owned by Vodafone Group. Verizon Communications agreed in September to buy out Vodafone Group's stake in Verizon Wireless for $130 billion. Verizon will pay Vodafone primarily in cash and stocks. The deal is expected to close in the first quarter of 2014.
Verizon to Sell Landline Biz to Frontier for $10 Billion
Verizon Communications today confirmed plans to sell part of its wireline telephone and internet business to Frontier Communications for $10 billion. The deal covers Verizon's consumer and business assets in California, Florida, and Texas.
Verizon to Buy Yahoo's Internet Business for $4.8B
Verizon Communications today said that it has agreed to buy Yahoo's core internet and search businesses for $4.83 billion. Yahoo's properties will join AOL under Verizon's ownership, to be managed by Marni Walden, EVP and President of the Product Innovation and New Businesses organization at Verizon.
Verizon Picks Up XO's Fiber Network to Beef Up Backhaul
Verizon Communications today said it has agreed to acquire XO Communications' fiber business for $1.8 billion. The deal, says Verizon, will help it serve its enterprise and wholesale customers, as well as allow Verizon to further densify its cellular network.
Verizon Closer to $10B Asset Sale to Pay Down Debt
Verizon Communications has lined up several deals that will earn it up to $10 billion, reports the Wall Street Journal. The company took on a massive amount of debt to buy Vodafone's portion of Verizon Wireless last year.
Dear Sweet Jesus