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Verizon Communications Completes the Sale of Its Interest in Puerto Rico Telephone

Verizon Communications Completes the Sale of Its Interest in Puerto Rico Telephone

NEW YORK, March 30 /PRNewswire/ -- Verizon Communications Inc. today closed on the sale of its interest in Telecomunicaciones de Puerto Rico, Inc. (TELPRI) to a subsidiary of America Movil, S.A.B. de C.V. . The buyer purchased 100 percent of TELPRI, the holding company of Puerto Rico Telephone Company (PRT), including Verizon's 52 percent interest. The other shareholders were the Puerto Rico Telephone Authority, which owned 28 percent; Popular, Inc., 13 percent; and the company's employee stock ownership plan, 7 percent. The transaction previously received the approval of the Federal Communications Commission.

PRT provides telecommunications services to more than 1 million residential and business customers and to more than 550,000 wireless customers under the Verizon Wireless brand.

The transaction was announced in April 2006, when Verizon also announced the execution of separate definitive agreements to sell its interests in Latin America and the Caribbean, including an indirect interest in Verizon Dominicana to America Movil. The sale of Verizon's interests in Verizon Dominicana closed on December 1, 2006. Verizon agreed in February, 2007, to participate in a tender offer by the Bolivarian Republic of Venezuela for shares of Compania Anonima Nacional Telefonos de Venezuela .

Verizon Communications Inc. , headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 59 million customers nationwide. Verizon's Wireline operations include Verizon Business, which operates one of the most expansive wholly owned global IP networks, and Verizon Telecom, which is deploying the nation's most advanced fiber-optic network to deliver the benefits of converged communications, information and entertainment services to customers. A Dow 30 company, Verizon has a diverse workforce of approximately 242,000 and last year generated consolidated operating revenues of more than $88 billion. For more information, visit http://www.verizon.com/.

VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high quality video and images, and other information are available at Verizon's News Center on the World Wide Web at http://www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases.

Verizon Communications Inc.

CONTACT: Peter Thonis, +1-212-395-2355, peter.thonis@verizon.com,
or Alberto Canal, +1-908-559-6367, alberto.c.canal@verizon.com, both for
Verizon Communications Inc.

Web site: http://www.verizon.com/

Company News On-Call: http://www.prnewswire.com/comp/094251.html

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Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

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