NEW YORKFeb. 1, 2017 /PRNewswire/ -- As part of the company's continual plans to build and deliver next-generation networks, Verizon Communications Inc. (NYSE, NASDAQ: VZ) announced today it has completed the $1.8 billionpurchase of XO Communications' fiber-optic network business.

Verizon's purchase and integration of XO's fiber network will help the company extend its suite of high-quality network services to its enterprise and wholesale customers. In addition, it will help the company in its plans to densify its cellular network, and to deploy new 5G technologies.