Vermont regulators have approved the proposed $30.8 million sale of municipal telecommunications company Burlington Telecom.
The state Public Utilities Commission's decision Tuesday means Burlington Telecom will now be in the hands of Schurz Communications.
Burlington City Council approved the sale in December 2017, despite objections from city residents.
The residents had argued the sale shouldn't be approved since the city diverted nearly $17 million from taxpayers to keep Burlington Telecom running.
Burlington Mayor Miro Weinberger says the sale is a "major milestone."
He says the city will get $6 million as part of the sale and its credit rating could increase.
Weinberger says Schurz will invest hundreds of thousands of dollars in the city, specifically to science and technology initiatives and startups.
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