Verizon Wireless Files for IPO

Wireless telephone company Verizon Wireless Inc. in Bedminster, N.J., today filed a registration statement for its initial public offering (IPO) with the Securities and Exchange Commission. Verizon Wireless is owned by Verizon Communications Corp. in New York and Vodafone Group PLC in the U.K.

Verizon Communications is the telephone company created by the merger of Bell Atlantic Corp. and GTE Corp.

According to a statement issued by Verizon Wireless, The Goldman, Sachs Group Inc. and Merrill Lynch & Co., both based in New York, will be the lead underwriters for the IPO.

It's still unclear how much money the IPO will bring in for Verizon Wireless.

However, the company said the money would be used to expand and improve its wireless network.

Verizon yesterday said it had reached a tentative agreement on a new three-year contract with the Communications Workers of America (CWA) in the mid-Atlantic states, ending an 18-day strike in the region

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