The Federal Communications Commission today approved the proposed USD10.54 billion sale of Verizon´s local wireline network assets and operations in California, Florida and Texas, to Frontier Communications.
The following statement should be attributed to Michael E. Glover, senior vice president and deputy general counsel, Verizon public policy and government affairs:
“We appreciate the FCC´s thorough review and timely approval which confirms that this transaction is in the public interest and will benefit customers in California, Florida and Texas. Last May, the US Department of Justice also reviewed and cleared the proposed sale, further confirming that the transaction does not present market competition issues. With these approvals in hand, we look forward to promptly receiving the remaining regulatory approvals in the coming months.”
The proposed sale of Verizon´s wireline properties in California, Florida and Texas, to Frontier Communications was announced on February 5, 2015. The companies anticipate completion of the transaction by the end of the first quarter of 2016.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, employs a diverse workforce of 178,500 and generated more than USD127 billion in 2014 revenues.