Merger Final, Creating Verizon

Bell Atlantic Corp. said it completed its $60-billion purchase of GTE Corp. to create Verizon Communications, the largest local telephone company in the U.S. Regulators approved the transaction earlier this month on the condition that the companies sell some overlapping wireless properties. To gain merger approval from the Federal Communications Commission, the companies agreed to spend $500 million to compete in local phone markets or serve 250,000 customers outside of their current territories. The purchase of Irving, Texas-based GTE creates a company with more than 260,000 employees, 95 million phone lines and 25 million wireless customers. The combined company will operate in 40 countries and start trading on the New York Stock Exchange Monday under the symbol VZ. In New York Stock Exchange trading, Bell Atlantic fell 69 cents to close at $50.81, and GTE rose 19 cents to close at $62.15.