Verizon to Sell Phone Assets to FairPoint in 3 States

VERIZON TO SELL PHONE ASSETS TO FAIRPOINT IN 3 STATES
[SOURCE: Associated Press]
Verizon is selling its residential telephone business in three New England states for $2.72 billion, shedding more of what the company sees as noncore assets as it invests billions to upgrade its wired and wireless networks for next-generation services. The operations in Maine, New Hampshire and Vermont, serving 1.5 million homes, will be acquired by FairPoint Communications of North Carolina. FairPoint owns local phone networks in 31 mostly rural markets in 18 states, including the 3 where it is acquiring Verizon’s business. Hoping to head off concern among local officials that Verizon’s planned exit might lead to deterioration in phone and Internet service, the companies emphasized there would be no layoffs and that FairPoint would invest heavily in the region to expand broadband availability.
http://www.nytimes.com/2007/01/17/business/17verizon.html
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* Verizon Agrees to Spin Off Local Telephone Business In Northern New England
http://www.washingtonpost.com/wp-dyn/content/article/2007/01/16/AR2007011601488.html