Merger Terms Met, Phone Firms Say

Bell Atlantic Corp. and Nynex Corp. said they’ve agreed to conditions set by U.S. regulators in a major step toward gaining federal approval of Bell Atlantic’s acquisition of Nynex for $23.7 billion in stock. The Federal Communications Commission conditions fall under five categories, such as guaranteeing competitors access to networks and setting how they’ll charge competitors for services. The pact may ease regulatory approval to offer long-distance service in 13 states, a $20-billion-a-year opportunity. The companies must prove their local phone markets are open to competitors.