Following in the footsteps of last week’s approval of the deal, the Federal Communications Commission today has approved the $3.9 billion acquisition by Verizon Communications Inc. (NYSE: VZ) of wireless spectrum from SpectrumCo LLC. SpectrumCo is a joint venture of Comcast Corp. (NASDAQ: CMCSA), Time Warner Cable Inc. (NYSE: TWC), BrightHouse Networks, and Cox Communications Inc.
FCC approval had been anticipated after the U.S. Justice Department last week approved the deal provided that Verizon complete the sale of some current bandwidth assets to T-Mobile USA and that the cross-marketing agreements Verizon had signed with Comcast and Time Warner be limited. The FCC’s chairman had signaled his blessing for the deal earlier this month.
Verizon’s president/CEO said:
This purchase represents a milestone in the industry and we appreciate the FCC’s diligent work to review and approve the transaction. We will work aggressively to ensure that we put this previously unused spectrum to use quickly to benefit customers.
Verizon will also sell other spectrum assets, and the company claims that more than 65 parties have sought information about the spectrum the company is shedding. Verizon plans to use the acquired spectrum to add to its LTE network.
Verizon’s shares closed at $42.25 today in a 52-week range of $34.65-$46.41. The stock has been inactive in after-hours trading.
Paul Ausick
Take This Retirement Quiz To Get Matched With An Advisor Now (Sponsored)
Are you ready for retirement? Planning for retirement can be overwhelming, that’s why it could be a good idea to speak to a fiduciary financial advisor about your goals today.
Start by taking this retirement quiz right here from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes. Smart Asset is now matching over 50,000 people a month.
Click here now to get started.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
