FCC approves Verizon/MCI deal

The Federal Communications Commission approved Verizon Communications’ proposed acquisition of MCI yesterday.

The move follows the recent completion of the Justice Department’s eight-month review of the transaction. MCI shareholders have already approved the deal. The acquisition still needs to clear hurdles in a few states where approvals are pending.

Officials at both companies expect the acquisition to close later this year or in early 2006. Verizon’s intent to acquire MCI was disclosed Feb. 14.

The Verizon/MCI transaction represents one of several pending acquisitions changing the bidding landscape for the General Services Administration’s Networx telecommunications contracts.