NYNEX Merger With Bell Atlantic Approved By Vermont Public Service Board

NYNEX Merger With Bell Atlantic Approved By Vermont Public Service Board

February 27, 1997

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MONTPELIER, Vt. -- The Vermont Public Service Board has approved the merger of NYNEX and Bell Atlantic.

Of the seven states served by NYNEX, only the New York Public Service Commission is still conducting its review. All the other states in the region either have approved the merger or have not sought jurisdiction over it.

Ivan Seidenberg, NYNEX chairman and CEO, said, "I am pleased that Vermont regulators have recognized the substantial benefits of this merger, and I look forward to approval shortly by the commission in New York and a closing of this merger in the first quarter. Whether you are in the heart of Manhattan or in Vermont's Northeast Kingdom, the new Bell Atlantic will assure that every customer can take full advantage of an information-based economy."

Wayne Budd, NYNEX senior vice president for New England, said, "As the new Bell Atlantic we will continue our unwavering commitment to Vermont and Vermonters in building an advanced network, maintaining jobs in the state, and providing excellent customer service and strong community involvement."

The proposed merger was announced on April 22, 1996. Share owners 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.


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