NEW YORK-Bell Atlantic Corp. and GTE Corp. received final approval from the Federal Communications Commission for their $59 billion merger, forming Verizon Communications, with plans to begin trading under its new VZ symbol July 3 on the New York Stock Exchange.
The merger gained final approval from the FCC after the companies agreed to spend $500 million to compete in local phone markets outside their current markets. GTE also agreed to sell of most of its stake in Internet company Genuity Inc.
GTE shares were down 94 cents per share in late Friday trading to $61 per share, with Bell Atlantic stock down $1.19 per share to $50.31 per share.
