The US Federal Communications Commission (FCC) has given its approval for a $3.6bn wireless spectrum deal between Verizon and a group of network operators.
The commission said it would be closing its investigation and issuing its approval for the deal, which will see Verizon purchase wireless spectrum space from a group of operators known as SpectrumCo. The firms backing the collective include Comcast, Time Warner and Bright House Networks.
"This purchase represents a milestone in the industry and we appreciate the FCC's diligent work to review and approve the transaction," said Verizon Wireless president and chief executive Dan Mead.
"We will work aggressively to ensure that we put this previously unused spectrum to use quickly to benefit customers."
The deal will give Verizon further holdings in the wireless spectrum space allocated for use as high-speed wireless broadband networks and allow the company to extend its coverage and capacity.
As part of the deal, Verizon will also work with the network operators on management and marketing efforts. Comcast said that it would be partnering with Verizon on efforts including a possible reseller deal and joint research and development efforts.
"We are pleased that the Federal Communications Commission has now voted unanimously to approve the spectrum sale and transfer by Comcast and other cable companies to Verizon Wireless," Comcast executive vice president David L Cohen said.
"This timely approval in conjunction with the recent consent decree negotiated with the Department of Justice will promote innovation, investment, competition and consumer choice for video, voice, high-speed internet and wireless services in the ways we planned when the deal was announced."
The company said it expects the deal to be finalised shortly.
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