NEW YORK -- Telefonica, one of the world's largest telecommunications companies in terms of market capitalization, will support its multinational customer requirements for wireless services in the U.S. with a "white label" service provided under contract with Verizon Global Wholesale.

"It's very gratifying to be selected by Telefonica for such an important element of its U.S. service offering," said Quintin Lew, senior vice president of marketing for Verizon Global Wholesale. "Our Mobility Solutions offering will provide strong support to Telefonica's strategy of fully supporting its domestic U.S. customers."

Telefonica serves more than 800 multinational corporation customers – many of which require services in the U.S. – through Telefonica Multinational Solutions. Under the terms of the mobility contract signed this week, Telefonica will manage and brand the wireless services it provides to its MNC customers in the U.S., as well as bundle the services with others it offers.

Verizon Communications Inc. (NYSE: VZ)