Nov. 29, 1999
|Media contact:||Paul Miller,
Lacy Yeatts, 804-779-4097
The Virginia State Corporation Commission today approved the merger of GTE and Bell Atlantic. Attribute the following statement to Jim Diaz, president of GTE South and Hugh Stallard, president and CEO of Bell Atlantic -- Virginia.
"We applaud the State Corporation Commission's decision to approve the merger of GTE and Bell Atlantic in Virginia. The commission recognizes that this corporate union carries with it numerous tangible benefits for many Virginians.
"Among other things, Bell Atlantic's rates for basic service will be capped through the year 2003. Meanwhile, some of GTE's rates in southwest Virginia will be reduced.
"Moreover, over a million Bell Atlantic and GTE customers will enjoy expanded local calling as a result of the merger. And, the companies will invest over $1.75 billion in Virginia over a three-year period following the merger. This will help bring about stepped-up deployment of broadband technologies.
"The decision to approve the merger was undoubtedly the right thing to do. This is clearly a win for all Virginians."