The plunge in many tech and telecom stocks has claimed another victim: Verizon Communications said Monday it will delay the planned initial stock sale for its Verizon Wireless venture with Vodafone Group.
"Recent volatility of capital markets has created an environment in which it is prudent to defer the offering," Verizon and Vodafone said in a statement. The companies didn't say when they expect to complete the sale.
Verizon Wireless, the largest U.S. wireless company, was formed in April when Bell Atlantic Corp. combined its U.S. wireless operations with those of Vodafone. GTE Corp.'s wireless properties were added in June, when Bell Atlantic bought GTE and changed its name to Verizon.
The sale of shares in Verizon Wireless was expected to raise$5 billion, the company said in an August filing with the U.S. Securities and Exchange Commission. Earlier estimates had placed the value as high as $15 billion.
