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In that year, Verizon Communications announced plans to sell its landline operations in Maine, New Hampshire, and Vermont to FairPoint for $2.7 billion. Of that amount, $1.7 billion would go to Verizon in cash and debt and approximately $1.015 billion would go to Verizon shareholders in FairPoint common stock. Verizon would hold no stock.
One of the conditions of the sale, despite protest by FairPoint, was that NNETO would be regulated as a Bell Operating Company. One implication of this condition required FairPoint to follow rules applying to the Baby Bells under the Second Computer Inquiry decision in their newly acquired territories.
Verizon formerly served ex-GTE areas in parts of California, Florida and Texas before selling to Frontier Communications in 2016. Claro Puerto Rico , which serves every exchange in Puerto Rico, has been owned by the international telecommunications giant América Móvil since in 2007.
However, for customers of Verizon, the predominant landline provider in the Northeast for decades, that transition largely occurred in the 2000s, when landlines were still prominent.
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GTE agreed to sell 400,000 lines in New Mexico and lines in rural areas of Texas to a company called Valor Telecom (later absorbed into Windstream Holdings). [2] In 2000, Bell Atlantic purchased GTE and renamed itself Verizon. Shortly thereafter, the pending sale of GTE Southwest's operations to Valor Telecom was completed.
In particular, the company agreed to sell 663 million MHz POPs of its Cellular (850 MHz) spectrum, along with 11 million MHz POPs of AWS and 19 million MHz POPs of PCS licenses, to Verizon.
The sale of these lines by Verizon to FairPoint closed in 2008. Telephone Operating Company of Vermont , a company created following FairPoint's acquisition, was an operating company wholly owned by Northern New England Telephone Operations.