Verizon Spending to Boost Sales to Business

Verizon Communications Inc., the biggest U.S. local telephone company, plans to spend $5 billion over five years to boost sales of telephone and data-transmission services to businesses.

Part of the money will be used to expand the New York-based company’s long- distance network. Verizon, approved by regulators to sell long-distance calling in 47 states, is trying to win business from AT&T; Corp. and WorldCom Inc., the biggest providers of telephone services to corporations.

Shares of Verizon rose 83 cents to $38.59 on the NYSE.