New York OK's Verizon/XO With Jobs Condition
The New York Public Service Commission greenlit Verizon's buying XO Communications with a condition to protect the jobs of about 100 existing XO employees in the state. Commissioners unanimously OK’d the $1.8 billion deal as part of a consent agenda…
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vote at the commission’s Tuesday meeting. It was "approved because the transaction provides an overall net benefit to customers of both companies,” a commission spokesman emailed after the vote. “The PSC required Verizon not to lay off or take any action effecting an involuntary reduction of customer-facing jobs within XO Communications in New York State for four years, excluding retirement incentives and attrition.” Verizon now needs OK from the Pennsylvania Public Utility Commission, which also is expected to vote soon and next meets this Thursday (see 1701120051). In November, an administrative law judge there issued an initial decision to OK the deal without conditions. The FCC and FTC already OK’d the Verizon/XO deal last year. The acquiring telco didn’t comment.