NYNEX Merger With Bell Atlantic Approved By Connecticut Department of Public Utility Control
11:55 Nov 20, 1996 EST
NEW BRITAIN, Conn.--(BUSINESS WIRE)--Nov. 20, 1996--The Connecticut Department of Public Utility Control today voted unanimously to approve the merger of NYNEX and Bell Atlantic.
Connecticut is the first state in NYNEX's seven-state service territory to approve the merger.
By a 5-0 vote, the DPUC concluded that the merger is in the public interest and found that "the alliance of NYNEX and Bell Atlantic, through the proposed merger, will benefit the customers, employees and shareholders of both companies."
"We're pleased by this ruling and look forward to approvals from other state commissions," said Ivan Seidenberg, NYNEX chairman. "Connecticut
regulators recognized that this merger is about growth and economic development. Providing quality products and services to the residents and businesses we serve in the state -- and throughout our home region -- will always be our top priority."
The proposed merger between NYNEX and Bell Atlantic was announced on April 22. The combined corporation will serve 39 million telephone access lines in 13 states and more than 4 million cellular customers.
Shareowners of both companies overwhelmingly approved the merger at special meetings earlier this month.
In NYNEX territory, regulators in Connecticut (where the company serves approximately 30,000 customers in Greenwich and Byram), New York, Maine, Vermont and New Hampshire have conducted or are conducting reviews of the merger in accordance with the laws applicable in those states.
Two other NYNEX states -- Massachusetts and Rhode Island -- have not sought to assert jurisdiction over the proposed merger, although Massachusetts is reviewing the merger within the context of its general supervisory authority over telephone operations. Reviews by all states are expected to be complete by early next year. Bell Atlantic has made informational filings with all the state commissions in its six states, as well as the District of Columbia. To date, four states -- Delaware, Maryland, Virginia and West Virginia -- have disclaimed jurisdiction over the merger. (See also:
businesswire.com)
Copyright 1996, Business Wire
|
