VZ stock news for Thursday includes Verizon (NYSE:VZ) announcing plans to acquire BlueJeans Network.
BlueJeans is a company that operates a video conference service. Verizon is acquiring it as it desires to bring this service to its customers. The wireless company doesn’t reveal the financial details of the deal, such as how much it is paying for the video conferencing company.
What Verizon does say is that it plans to make BlueJeans a strong part of its 5G map moving forward. The company also notes that BlueJeans’ employees will become Verizon employees once the deal reaches completion.
Tami Erwin, CEO of Verizon Business, said this about the VZ stock news.
“Collaboration and communications have become top of the agenda for businesses of all sizes and in all sectors in recent months. We are excited to combine the power of BlueJeans’ video platform with Verizon Business’ connectivity networks, platforms and solutions to meet our customers’ needs.”
Debevoise & Plimpton is serving as an advisor to Verizon for the deal. BlueJeans is getting its advice for the transaction from Evercore and Goodwin Procter.
The deal still needs to complete customary closing conditions before it can reach completion. So long as there are no troubles, the two companies are expecting the acquisition to close during the second quarter of the year.
VZ stock was up 1.35% as of Thursday afternoon but is down 6.77% since the start of the year.
As of this writing, William White did not hold a position in any of the aforementioned securities.