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NEW YORK - The Department of Justice (DOJ) today approved Verizon Communication's (NYSE:VZ) purchase of OnePoint Communications Corp., a leading provider of broadband services to apartment buildings, condominiums and other multi-unit structures.
"We applaud the DOJ's swift action and encourage the Federal Communications Commission and state regulators to follow suit," said John Thorne, senior vice president and deputy general counsel at Verizon. "This deal will strengthen our ability to compete in broadband markets nationwide and give residents of multiple dwelling units a superior alternative to cable TV."
In announcing the deal early last month, Verizon said its acquisition of Chicago-based OnePoint would accelerate delivery of voice, video and high-speed Internet services to multiple dwelling units (MDUs) in major markets across the country. Verizon is the national communications company formed by the merger of Bell Atlantic and GTE.
Bruce Gordon, president - Verizon Retail Markets, said the acquisition will further enhance Verizon's ability to bundle local, long distance, video and Internet services for the MDU marketplace.
"OnePoint knows the MDU market better than anyone else, has strong ties to key real estate developers and a sales force focused solely on MDUs," said Gordon. "These attributes will make OnePoint an important asset as we seek to deliver high-speed Internet access to more people more quickly."
Together, Verizon and OnePoint currently have contracts with 650,000 MDUs in 31 major markets across the country. Gordon said he expects Verizon to have an additional two million properties under contract over the next five years.
OnePoint currently operates in Atlanta, Ga.; Baltimore, Md.; Charlotte, N.C.; Chicago, Ill.; Denver, Co.; Washington D.C.; Raleigh-Durham, N.C.; Philadelphia, Pa. and Phoenix, Az. The company also has a customer care center in Largo, Md., in the Washington, D.C. suburbs.
Verizon Communications (NYSE:VZ), formed by the merger of Bell Atlantic and GTE, is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with 95 million access lines and 25 million wireless customers. A Fortune 10 company with more than 260,000 employees and approximately $60 billion in 1999 revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.
