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Published by: api-3716851 on Oct 18, 2008
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Prepared by \u2013 Vikram Mohan
Brief Overview of the Company:
Verizon Communications Inc., based in New York and incorporated in Delaware, was
formed on June 30, 2000, with the merger of Bell Atlantic Corp. and GTE Corp.
Verizon began trading on the New York Stock Exchange (NYSE) under the VZ symbol
on Monday, July 3, 2000.
Key Facts

-Dow 30 company
-59 million wireless customers
-45 million wire line access lines
-Serving 94 percent of Fortune 500 companies
-242,000 employees
-Over 2,200 Verizon Wireless retail stores across the country
-Employees in over 300 Verizon Business offices in 75 countries across six continents
-First company to provide fibre-based digital TV to the mass market
-First company to provide wide-area wireless broadband service
-First commercial provider of Internet access

Business Solutions:
Verizon has two major segments that it operates as business units and they are organized by
products and services. These BU\u2019s are,
- Wireline
Telecom (Verizon Telecom)
- Domestic Wireless

Verizon Telecom consists of the operations of Verizon Telecom, a provider of telephone services, including voice, broadband, data, network access, long distance, video, and other services to consumer and small business customers and carriers.

Verizon Business is a global IP footprint that mainly caters to Fortune 500 companies (97
percent of them) and over 130,000 customers.

The domestic wireless business, operating as Verizon Wireless, provides wireless voice and data products and services across the United States using one of the most extensive wireless networks.

Major Customers:
Mainly caters to residential customers with a footprint over the United States of America.
Major Events in the company (M&A etc.):
-GTE Merger
Bell Atlantic acquired GTE on June 30, 2000
Changed its name to Verizon Communications, Inc.
It was among the largest mergers in United States business history

Result of a definitive merger agreement, dated July 27, 1998, between Bell Atlantic, based in New York City since the merger with NYNEX in 1996, and GTE

Price at more than $52 billion
September 21, 1999

Bell Atlantic and UK-based Vodafone AirTouch Plc (now Vodafone Group Plc) announced that they had agreed to create a new wireless business with a national footprint, a single brand and a common digital technology

Began operations as Verizon Wireless on April 4, 2000
This merger helped it expand user base and cater to what it called
secondary markets (in US) by acquisition of BE\u2019s clients
-MCI acquisition
February 14, 2005
Verizon agreed to acquire MCI, formerly WorldCom
SBC Communications agreed to acquire AT&T just a few weeks
Benefited Verizon by including economies of scale derived from a
potential productivity boost to be achieved via the elimination of
thousands of jobs at the combined company
Access to the large base of business customers currently served by
Real benefit to Verizon was the acquisition of long-haul lines
Verizon no longer had to pay royalties to other providers
when calls had to be routed outside its coverage footprint
This was the key to Verizon\u2019s long term market
positioning strategy
Verizon, with MCI, was the largest telecommunications
company in the United States based on sales of $75.11 billion,
profits of $7.4 billion and assets of $168.13 billion

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