Dan Meyer
Verizon Communications Inc. is expected to raise $1.9 billion from its sale of 73.5 million shares of Canadian telecommunications provider Telus Corp. The sale will include 48.55 million common shares priced at $25.97 per share and 24.94 million non-voting shares priced at $24.74 per share.
The sale is being underwritten by a syndicate of companies co-led by Merrill Lynch & Co., Morgan Stanley and RBC Capital Markets, which have agreed to purchase the shares and resell them to the public. Telus said it would not receive any of the proceeds from the offering.
Verizon will receive approximately $12.3 million in dividends set for Jan. 1, 2005, from its holdings that will not be available to those purchasing the shares. The deal is expected to close Dec. 14.
