NEW YORK -- Verizon Communications Inc. (NYSE: VZ - News) has realized approximately $770 million from its recent sale of 370 million shares in Telecom Corporation of New Zealand (TCNZ). The transaction between Verizon, its subsidiary Bell Atlantic Holdings Limited and Merrill Lynch, Pierce, Fenner & Smith Inc. closed today at 5 p.m. Eastern time. Before this sale, Verizon, through its subsidiary, held about 21 percent of TCNZ's total common shares. The company now holds 1 percent of TCNZ's shares. Daniel C. Petri, Verizon International president -- Europe and Asia, said, "The purchase offer presented a good opportunity for Verizon, particularly in view of our continuing evaluation of our portfolio of international assets and our plan to reduce corporate debt this year." Verizon, through its predecessor company Bell Atlantic, has had an investment in Telecom New Zealand since 1990. "The investment has been a good one, and, although we decided to sell, we wish Telecom New Zealand the best in the future," Petri said. Verizon Communications Inc.