NEW YORK - Verizon Communications has sold 15 million shares of FLAG Telecom common stock to Tyco International Ltd. The sale represents an approximate 11.2 percent stake in FLAG Telecom and reduces Verizon's equity in the company from 29.8 percent to 18.6 percent.
There will be no impact on Verizon's long-standing commercial relationships with FLAG Telecom, and Verizon continues to be FLAG Telecom's largest single shareholder.
The sale is part of Verizon's previously announced plan to evaluate its portfolio of international assets to ensure that they are in line with the company's international strategy and objectives.
In connection with the sale, two of Verizon's three appointees to the FLAG Telecom Board of Directors will resign.
Verizon Communications (NYSE:VZ) 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 112 million access line equivalents and 27 million wireless customers. Verizon is also the largest directory publisher in the world. A Fortune 10 company with approximately 260,000 employees and more than $65 billion in annual 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.