January 23, 1997
CONTACT: Susan Kraus 212-395-0500
Jack Hoey 617-743-3677
Mass. DPU concludes review of NYNEX-Bell Atlantic merger; New York PSC issues briefing schedule
Boston, MA -- Jan. 23 -- The Massachusetts Department
of Public Utilities today concluded its investigation into
the public interest aspects of the proposed merger of NYNEX
and Bell Atlantic and stated that NYNEX has satisfied state
regulatory requirements to implement the merger.
The department noted that there is no statutory
requirement that NYNEX obtain the department's approval of
Five of the seven states in the NYNEX region have
either approved the merger or have not sought jurisdiction
over it. Commissions in Vermont and New York are still
conducting their reviews. The New York Public Service
Commission yesterday issued a final briefing schedule, with
initial briefs due Feb. 5 and reply briefs due Feb. 12. The
next commission meeting following the briefs is scheduled
for March 5 in New York City. Briefs were submitted in
Vermont earlier this month.
Ivan Seidenberg, NYNEX chairman and CEO said, "I look
forward to approval shortly by the Vermont and New York
commissions and to closing the merger in the first quarter.
The vitality of the Washington-New York-Boston corridor
depends on the ingenuity, innovation, and interconnection of
its people. The new Bell Atlantic will fuel the engine of
growth for this information-intensive region."
According to Wayne Budd, NYNEX senior vice president
for New England, NYNEX last year invested $607 million for
digital switches, fiber optic lines, and other capital
improvements in Massachusetts. This year the capital budget
in the state is $625 million. "These infrastructure
investments will benefit the Commonwealth, the company and
its employees," Budd said.
The proposed merger was announced on April 22, 1996.
Shareowners of both companies overwhelmingly approved the
merger at special meetings in early November. The new Bell
Atlantic will serve more than 39 million telephone access
lines and more than 4.5 million cellular customers in 13
states and around the world.
NYNEX is a global communications and media
corporation that provides a full range of services in the
northeastern United States and high-growth markets around
the world, including the United Kingdom, Thailand,
Gibraltar, Greece, Indonesia, the Philippines, Poland,
Slovakia and the Czech Republic. The corporation is a leader
in telecommunications, wireless communications, directory
publishing and video entertainment and information services.
NYNEX is also managing sponsor of FLAG -- Fiberoptic Link
Around the Globe -- the world's longest undersea fiber optic
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