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Verizon secures contracts worth nearly $1 billion from U.S. defense department

Randy Mancini 2 Mar 16
Signage is seen at a Verizon store in Manhattan, New York City
FILE PHOTO: Signage is seen at a Verizon store in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly

March 16, 2022

(Reuters) – Telecoms giant Verizon Communications Inc said on Wednesday it had secured new business worth almost $1 billion from the U.S. Department of Defense to provide technical support and network modernization services.

The deal includes contracts for services to the Pentagon, the National Capital Region (NCR) and Fort Belvoir at a combined value of $966.5 million.

Verizon will provide internet-protocol-based services, voice and video services and network-related support aimed at accelerating the department’s digital pivot.

The company said it would also help plan, design and implement network upgrades and provide new equipment to the Pentagon.

Shares of Verizon rose 0.5% in premarket trading.

(Reporting by Eva Mathews in Bengaluru; Editing by Vinay Dwivedi)