Summary
This Form 8-K filing from Verizon Communications Inc. (VZ) on August 15, 2006, reports a significant transaction involving the exchange of approximately 29.4 million shares of newly-issued common stock for a limited partnership interest in Verizon Wireless of the East LP (VZEast). This exchange was executed with Price Communications Corporation pursuant to an existing agreement from December 18, 2001. The issuance of these shares has already been accounted for in Verizon's previously reported diluted earnings per share as 'exchangeable equity interest.' This disclosure provides clarity on the finalization of this partnership interest acquisition and its impact on the company's share structure and ownership within its wireless subsidiary.
Key Highlights
- 1Verizon Communications Inc. (VZ) issued approximately 29.4 million shares of its common stock.
- 2The shares were issued to Price Communications Corporation.
- 3The exchange was for a limited partnership interest in Verizon Wireless of the East LP (VZEast).
- 4This transaction was executed under an Exchange Agreement dated December 18, 2001.
- 5The issuance of these shares had previously been reflected in Verizon's diluted earnings per share as exchangeable equity interest.