Verizon-MCI Merger Receives Overwhelming Majority of Shareholder Vote
Today's Decision Adds Momentum for Closure of Transaction
MCI and Verizon announced that MCI shareholders who voted today approved the combination of the two companies by an overwhelming margin.
This action represents significant progress in completing the merger. The companies are in the process of obtaining the remaining federal, state and international approvals. Today's vote adds to the momentum for final closure of the transaction in late 2005 or early 2006.
"Today's vote brings us an important step closer to completing the MCI transaction," said Chairman and CEO Ivan Seidenberg. "We look forward to creating a company that is better able to compete in today's large-business and government marketplace, invest in critical infrastructure and offer the nation's most advanced broadband platform with next-generation multimedia services."
"This vote of support by our shareholders represents a key milestone in the merger approval process," said Michael D. Capellas, MCI president and chief executive officer. "The combined company will have the strength and assets necessary to be a competitive force in today's transforming communications marketplace."
The combination, part of the continuing evolution of the industry driven by customers and technology, will capitalize on the complementary strengths of each company and create one of the world's leading providers of communications services.
The merger will enable Verizon to better compete for and serve large-business and government customers with a full range of services, including wireless and sophisticated Internet Protocol-based services.
It will benefit consumers and businesses by creating a supplier with the financial strength to maintain and improve MCI's extensive Internet backbone network.