Regulators OK Verizon, AT&T Asset Swap

The two companies agreed on the transaction in December. AT&T will give Verizon licenses, network assets and subscribers in Kentucky as part of the deal. The company was forced by the Federal Communications Commission in November to divest the items as a condition of its acquisition of Dobson Communications Corp.

In return, Verizon will provide licenses, network assets and subscribers in Vermont, New York and Washington to AT&T, once Verizon's acquisition of Rural Cellular Corp. is complete. Verizon Wireless' acquisition of Rural Cellular is expected to close by midyear.

The Federal Trade Commission included the deal on a list of transactions that received an "early termination" of their antitrust reviews. Early termination refers to the completion of a review by the FTC or Justice Department before the end of a 30-day period required under antitrust law.

Verizon Wireless is jointly owned by Verizon Communications Inc. and Vodafone Group PLC.

Verizon shares fell 18 cents to close at $35.96, while AT&T shares fell 10 cents to finish at $37.66 and Vodafone shares rose 32 cents to close at $31.29.