Key Developments: Verizon Communications Inc (VZ)
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23 May 2013
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Latest Key Developments (Source: Significant Developments)
Verizon Communications Inc. Looks To Cut 1,700 Jobs, Offers Buyouts-Reuters
Reuters reported that Verizon Communications Inc., is looking to cut its workforce by 1,700 people, or almost 1%, through a buyout offer for technicians and call-center employees. Verizon, which has been seeking to cut costs in its declining traditional telephone business, said on Monday it could resort to involuntary layoffs if too few employees accept the voluntary package. Verizon said it was too soon to estimate the financial impact of the buyout plan, which was announced to union workers in several states last week. Verizon, which has about 192,000 workers in total, has been in talks for months with unions for labor contracts covering 45,000 employees, or about half its wireline business workforce. Spokesman Richard Young said the talks were progressing but declined to give any details. Verizon said that it made the offers because of a "workforce surplus" in certain parts of its wireline business. Full Article
Verizon Communications Inc. To Acquire Hughes Telematics, Inc.
Verizon Communications Inc. announced a definitive merger agreement under which Verizon will acquire Hughes Telematics, Inc. (HTI) for $12.00 per share in cash, or a total of $612 million. The Board of Directors of HTI has unanimously approved the transaction upon the recommendation of its special committee, and the transaction was unanimously approved by the directors of Verizon present and voting. The transaction has also been approved by a written consent executed by holders of a majority of HTI's voting shares. The merger is expected to close in the third quarter of 2012, and Verizon plans to retain the existing management team and operate the new unit as a subsidiary within Verizon and operated as part of its Verizon Enterprise Solutions group. The business will continue to be headquartered in Atlanta. Verizon was represented by UBS Investment Bank and Debevoise & Plimpton LLP. HTI was represented by Barclays and Skadden, Arps, Slate, Meagher & Flom LLP; and the special committee of the Board of Directors of HTI was represented by Moelis & Company LLC and Nelson Mullins Riley & Scarborough LLP. Full Article
Verizon Communications Inc. To License Veveo Search Technology
Verizon Communications Inc. and Veveo Inc. announced on March 15, 2012 that Verizon will license certain Veveo technology that can be used to enhance FiOS TV to provide new personalized search capabilities across a TV, phone or tablet. Veveo's technology personalizes the search and discovery process by allowing customers to browse less and watch more of the programs, movies and other on-demand content that matter to them. As part of the agreement, Verizon entered into a nonexclusive license of certain Veveo search patents for both TV and mobile devices. Financial terms of the settlement were not disclosed. The parties will also explore expanding their partnership across various lines of business in the future. Full Article
Verizon Communications' And Vodafone Group Plc's Joint Venture Verizon Wireless Completes Purchase Of Operating Assets Of Cellular One Of Northeast Pennsylvania
Verizon Wireless, a joint venture of Verizon Communications and Vodafone Group Plc, announced that it has purchased the operating assets of Cellular One of Northeast Pennsylvania from United States Cellular Corporation. Financial terms are not being disclosed. Verizon Wireless will continue to use the Cellular One of Northeast Pennsylvania brand for the next several months as it works to convert the existing wireless network to Verizon Wireless specifications. Customers do not need to take any action at this time. For now, there are no changes to customers' calling plans, devices, or service. The purchase includes Cellular One of Northeast Pennsylvania's cellular spectrum license and related operations in Wayne and Pike Counties in Pennsylvania. Full Article
Verizon Communications Inc Declares Quarterly Dividend
Verizon Communications Inc announced that the Board of Directors declared a quarterly dividend of $0.50 per outstanding share, unchanged from the previous quarter. The dividend is payable on May 1, 2012, to Verizon Communications shareowners of record at the close of business on April 10, 2012. Full Article
Highmark Selects Verizon Communications Inc
Highmark Inc. announced an agreement under which Verizon Enterprise Solutions will deploy and manage the technology infrastructure for Highmark's new health information exchange that will soon link health care organizations across western Pennsylvania that serve millions of people. Highmark also plans to extend its HIE across the state over the next two years. Full Article
Verizon Communications Inc And Motorola Solutions Announce To Deliver Vertical Enterprise Solutions With Wireless Data And Voice
Verizon Communications Inc and Motorola Solutions announced that the two companies will leverage each other's expertise to help grow machine-to-machine (M2M) connections, and deliver vertical enterprise solutions with wireless data and voice. Verizon Enterprise Solutions will offer end-to-end integrated voice and data solutions, while Motorola Solutions' product portfolio will allow enterprise and government IT organizations to capitalize, capture and analyze critical data. Critical elements to that equation include device staging, vertical applications, rollout support and help desk services. Full Article
Verizon Communications Inc And Coinstar, Inc.'s Redbox Form Joint Venture
Verizon Communications Inc and Coinstar, Inc. announced the formation of a joint venture that will create a new choice for quality- and value-conscious consumers seeking a simple and affordable way to access the video entertainment they crave. The venture's services will offer all of the convenience, simplicity and value of Redbox new release DVD and Blu-ray Disc rentals combined with a new content-rich video on-demand streaming and download service from Verizon. The joint venture plans to introduce the product portfolio in the second half of 2012. The joint venture is a limited liability company with Verizon holding a 65% ownership share and Redbox holding a 35% ownership share at the outset. Full Article
Telenor ASA Cooperates with Verizon Global Wholesale
Telenor ASA announced that it has started collaboration with Verizon Global Wholesale to give Telenor's Nordic customers seamless access to a global network. Under a new agreement, Telenor will be able to resell Verizon Global Wholesale's international Private IP (Internet protocol) as part of Telenor's customer solution portfolio. Telenor customers will therefore have a single point of contact for their global communications needs, and access from Telenor's existing Nordic Connect area network to the rest of the globe. In addition, by linking into Verizon's multiprotocol label switching (MPLS) network, Telenor will also be able to offer its customers enhanced communications services on a global scale. Full Article
Cox Communications, Inc. Announces Agreement To Sell Advanced Wireless Spectrum To Verizon Wireless, A Joint Venture Of Verizon Communications Inc. And Vodafone Group Plc
Cox Communications, Inc. announced that it has entered into an agreement to sell to Verizon Wireless its 20 MHz Advanced Wireless Services (AWS) spectrum licenses covering 28 million POPs for $315 million. The sale of Cox's AWS spectrum to Verizon Wireless is an important step to ensure that consumers' growing demands for mobility will be met. This agreement does not include Cox's 700 MHz spectrum licenses, the company's Cox Wireless customer accounts or any other assets. Separately, Cox and Verizon Wireless will also become agents to sell each other's residential and commercial products and services through their respective sales channels. Over time, Cox may have the option to sell Verizon Wireless' services on a wholesale basis. In addition, Cox expects to enter into arrangements with the innovation technology joint venture formed by Verizon Wireless, Comcast, Time Warner Cable and Bright House Networks to better integrate wireline and wireless products and services. The sale and transfer of Cox's advanced wireless spectrum to Verizon Wireless is subject to approval by the Federal Communications Commission and review under the Hart-Scott Rodino Act and other customary conditions. Verizon Wireless is a joint venture of Verizon Communications Inc. and Vodafone Group Plc Full Article
Vodafone says comfortable with Verizon Wireless status quo
LONDON - Vodafone said on Tuesday that it was very comfortable with its successful U.S. joint venture Verizon Wireless, but if an offer materialized that would benefit it more than the status quo, it would consider it.
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