The Federal Communications Commission today approved the proposed $10.54 billion sale of Verizon’s local wireline network assets and operations (broadband Internet and landline service) in California, Florida and Texas, to Frontier Communications.
Verizon wireless service is unchanged.
The following statement is 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 U.S. 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., headquartered in New York, employs a diverse workforce of 178,500 and generated more than $127 billion in 2014 revenues. Verizon Wireless operates America’s most reliable wireless network, with 109.5 million retail connections nationwide. Verizon also provides converged communications, information and entertainment services over America’s most advanced fiber-optic network, and delivers integrated business solutions to customers worldwide. For more information, visitwww.verizon.com/news/.