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GTE, Bell Atlantic Applaud Merger Ruling
Nov. 29, 1999
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."