DOJ requires Verizon Wireless to sell assets

The sales are necessary in order to preserve mobile phone competition throughout Vermont, as well as in two rural areas in Washington and one in New York, the department said. The Federal Communications Commission also must approve the transaction.

"We're one step closer to closing the deal," said Robin Nicol, a spokeswoman for Verizon Wireless. The assets to be sold include transmission equipment and wireless spectrum, she added.

Verizon Wireless said last July that it had agreed to purchase Alexandria, Minn.-based Rural Cellular, which provides wireless services under the Unicel brand name in 15 states. The deal is valued at $2.67 billion when Rural Cellular's debt, which Verizon Wireless will assume, is included.

Verizon Wireless is the nation's second largest mobile phone provider with more than 65 million customers. It is jointly owned by Verizon Communications Inc. and UK-based Vodafone Group PLC.

Verizon Wireless said last year that the acquisition will enable the company to expand its coverage and save roaming fees. The Basking Ridge, N.J.-based company announced a much larger transaction last week, a $5.9 billion deal to acquire Alltel Corp.

Verizon Communications' shares dropped 52 cents to $37.42 in afternoon trading, while Rural Cellular added 4 cents to $44.78. Vodafone's American Depositary Shares fell 3 cents to $30.51.