The Federal Communications Commission approved the transfer of control to Verizon Communications of Vodafone Group PLC's stake in Verizon Wireless. Earlier this year, the FTC modified the policies and procedures applied to the review of transactions involving foreign ownership of U.S. wireless networks in order to encourage investment while reducing delay, uncertainty and expense. The rules became effective in August.

In the planned transaction, Verizon, currently the controlling, 55% parent of Verizon Wireless, will acquire, for approximately $130 billion, Vodafone's U.S. group with the principal asset of the remaining non-controlling 45% interest currently held by Vodafone in Verizon Wireless. As part of the transaction, Verizon will distribute Verizon stock to Vodafone's shareholders.

The actions by the FCC's International Bureau, Wireless Telecommunications Bureau, and Office of Engineering and Technology came just over one month after the public comment period closed on the Verizon petition.