Verizon Communications Inc. is an American broadband and telecommunications company and a component of the Dow Jones Industrial Average. It was formed in 2000, one of the Regional Bell Operating Companies.
Prior to its transformation into Verizon, Bell Atlantic had merged with another Regional Bell Operating Company. The name is a portmanteau of veritas and horizon. The company headquarters are located at 140 West Street in Lower Manhattan, New York City.
Bell Atlantic acquired on June 30, 2000 and changed its name to Verizon Communications Inc. It was among the largest mergers in United States business history. It was the result of a definitive merger agreement, based in New York City since the merger, which was in the process of moving its headquarters from Stamford, Connecticut, to Irving, Texas.
The Bell Atlantic merger, priced at more than $52 billion at the time of the announcement, closed nearly two years later, following analysis and approvals by Bell Atlantic, 27 state regulatory commissions and the Federal Communications Commission, and clearance from the United States Department of Justice and various international agencies.
The merger of Bell Atlantic, to form Verizon Communications, became effective on June 30, 2000, with an exchange ratio of 1.22 shares of Verizon Communications Common Stock for each share of GTE Common Stock owned.
Fractional shares resulting from the exchange of GTE stock into Verizon Communications shares were sold at a price of $55.00 per share. This wireless joint venture received regulatory approval in six months, and began operations as Verizon Wireless on April 4, 2000, kicking off the new Verizon brand name.
GTE wireless operations became part of Verizon Wireless creating what was initially the nation largest wireless company before Cingular Wireless acquired AT&T Wireless in 2004 when the Bell Atlantic GTE merger closed nearly three months later.
Verizon then became the majority owner of Verizon Wireless.
Genuity was formerly the Internet division of GTE Corp and spun off in 2000. Level 3 Communications acquired the assets of the bankrupt ISP in 2002 for only $137 million a bargain basement price considering the $616 million that a pre Bell Atlantic merger GTE paid for Genuity in 1997.
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