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BELL ATLANTIC COMPLETES ACQUISITION OF METRO MOBILE

 BELL ATLANTIC COMPLETES ACQUISITION OF METRO MOBILE
 PHILADELPHIA, April 30 /PRNewswire/ -- Bell Atlantic Corporation


(NYSE: BEL) today announced that it has completed its acquisition of Metro Mobile CTS, Inc., (AMEX: MMZ.A, MMZ.B) in a stock-for-stock merger.
 The acquisition agreement was announced on Sept. 24, 1991.
 The exchange ratio was set at .5193 shares of Bell Atlantic for every share of Metro Mobile. In all, Bell Atlantic is issuing approximately 34.3 million shares of stock to complete the transaction.
 In addition, Bell Atlantic assumed approximately $865 million in Metro Mobile debt, which the company is refinancing at more attractive rates.
 The transaction adds 11.5 million Metro Mobile cellular telephone POPs -- or population served -- to Bell Atlantic's 22.1 million POPs, making Bell Atlantic one of the largest wireless communications providers in the nation.
 Metro Mobile's operations will be integrated with those of Bell Atlantic Mobile Systems, which provides wireless communications in the mid-Atlantic region. Details will be announced next week.
 "We are thrilled to complete the acquisition of one of the leading wireless properties in the United States," said Bell Atlantic chairman and chief executive officer Raymond W. Smith. "With our expansion into the Northeast, Southeast and Southwest, we now have a wireless market that is roughly equivalent in the number of potential customers to the one served by our landline network.
 "With this acquisition, we can further pursue our complementary goals of being the premier communications provider in both wireless and landline. We have added dramatically to our ability to serve our customers with cutting edge services and to enhance the value of our shareowners' investment over the long term."
 Metro Mobile was the nation's second largest independent owner and operator of cellular telephone systems.
 Bell Atlantic Corporation, based in Philadelphia, is the parent company of New Jersey Bell, Bell of Pennsylvania, Diamond State Telephone (Delaware) and the Chesapeake and Potomac Telephone Companies of Maryland, Virginia, West Virginia and Washington, D.C.
 Bell Atlantic also is the parent of Bell Atlantic Mobile Systems and of companies that provide business systems services for customer-based information technology, including software, systems integration, hardware and software service and support, and financial services throughout the United States and internationally. In addition, Bell Atlantic International offers network services and consulting to telephone authorities throughout the world and, in conjunction with Ameritech, owns a majority interest in Telecom Corporation of New Zealand.
 /delval/
 -0- 4/30/92
 /CONTACT: Jay Grossman, 215-963-6521, or at home, 215-925-7929, or Nancy Stark, 215-963-6777, or at home, 908-542-4459, both of Bell Atlantic/
 (BEL MMZ) CO: Bell Atlantic Corporation; Metro Mobile CTS, Inc. ST: Pennsylvania, New York IN: TLS SU: TNM


MP-KA -- PH004 -- 4782 04/30/92 09:25 EDT
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Publication:PR Newswire
Date:Apr 30, 1992
Words:451
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