GTE merged with Bell Atlantic in 2000 to create Verizon Communications. Although the transaction was commonly described as Bell Atlantic’s acquisition of GTE, the combined company adopted the new Verizon name when the deal received regulatory approval.
Bell Atlantic and GTE announced their proposed combination in 1998. The U.S. Federal Communications Commission approved it on June 16, 2000, and the merger became effective on June 30. The transaction was valued at approximately $64.7 billion and created one of the largest local telephone companies in the United States, with operations spanning Bell Atlantic’s eastern territory and GTE’s broad national network.
A related source of confusion is Verizon Wireless. That wireless venture was formed separately through Bell Atlantic’s partnership with Vodafone, while the corporate Verizon Communications name came from the Bell Atlantic–GTE combination. MCI, Sprint, and AT&T were important telecommunications companies, but none was Bell Atlantic’s 2000 merger partner in forming Verizon.