Verizon announced this morning that the company has received initial approval from the FCC to begin the buyback process of 45% of Verizon Wireless from U.K.’s Vodafone. Upon the deal’s completion, which is slated for the first quarter of 2014, Verizon will own 100% of Verizon Wireless. With that being said, Verizon states that this will allow the company to “strengthen our ability to provide an outstanding consumer experience with advanced mobile devices, first-in-our-class network quality and reliability, and new products and services that leverage and integrate our global communications technologies.”
In true Verizon fashion, Randal Milch, executive vice president – public policy and general counsel of Verizon, had nothing but great things to say on the FCC’s decision.
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.
As far as what this means for consumers, it’s probably nothing right off of the bat. You probably won’t see this deal affecting your wireless bill anytime too soon, but what it will do is help Verizon’s bottom line moving forward.