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Headquartered in Basking Ridge, New Jersey, the company is a joint venture of Verizon Communications and Vodafone Group, with 55 and 45 percent ownership respectively. Their joint network covers geographic regions which includes a population of approximately 260 million people within the United States.

On June 5, 2008, Verizon Wireless announced it will acquire rural provider Alltel Wireless in a deal valued at $28.1 Billion. With this merger, Verizon Wireless states that it will have approximately 80 million wireless subscribers and will cover a geographical region that contains approximately 290 million people.

For the joint venture, Verizon Communications owns 55% and UK-based Vodafone Group (formerly Vodafone AirTouch) owns 45%. Verizon Wireless traces its roots to Bell Atlantic Mobile, NYNEX Mobile Communications, AirTouch Communications, PrimeCo Communications, and GTE Mobilnet. Cellco Partnership, doing business as Verizon Wireless, owns and operates the second largest wireless telecommunications network in the United States, based on a total of 68.7 million U.S. AMPS, Inc. was divided among the RBOCs as part of the Bell System Divestiture.

Bell Atlantic Mobile and AirTouch Paging. This wireless joint venture received regulatory approval in six months, and began operations as Verizon Wireless on April 4, 2000. On June 30, 2000, the addition of GTE Wireless' assets, in connection with the merger of Bell Atlantic and GTE to form Verizon Communications, made Verizon Wireless the nation's largest wireless communications provider (until Cingular's acquisition of AT&T Wireless in 2004).

On February 19, 2008, Verizon Wireless became the first of the "big" cellular companies to offer unlimited minutes talk plans. Meanwhile, in June 1999, AirTouch Communications of San Francisco, California merged with UK-based Vodafone Group Plc, forming Vodafone AirTouch Plc. The name "Verizon," a portmanteau, is derived by combining the word "veritas," a Latin term that means "truth," and the word "horizon." Together, they are supposed to conjure images of reliability, certainty, leadership, and limitless possibilities.

In September 1999, Vodafone AirTouch announced a $90-billion joint venture with Bell Atlantic Corp. to be called Verizon Wireless, and which would be comprised of the two companies' U.S. Bell Atlantic Mobile and NYNEX Mobile Communications merged in 1995 to create Bell Atlantic-NYNEX Mobile, and in 1997 their namesake Baby Bell parents followed suit to form the new Bell Atlantic and their wireless subsidiary was renamed Bell Atlantic Mobile. Bell Atlantic Mobile and NYNEX Mobile Communications was created from Advanced Mobile Phone Service, Inc., which was a subsidiary of AT&T created in 1978 to provide cellular service nationwide.