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(Reuters) -Verizon said on Thursday it will buy fiber-optic internet provider Frontier Communications in an all-cash deal worth $20 billion, as the U.S. wireless carrier looks to grow its ...
FILE - A Verizon retail location is shown in Willow Grove, Pa., Thursday, Feb. 22, 2024. Verizon is buying Frontier Communications in a $20 billion deal that helps bolster its fiber network.
Under the terms of the agreement, Verizon proposes to acquire Frontier for $38.50 per share in cash, representing a premium of 43.7% to Frontier’s 90-day volume-weighted average share price on ...
Frontier Communications owns local telephone operating companies consisting of companies it has owned under its previous name Citizens Communications Company, companies it acquired from Global Crossing, and companies it acquired from Verizon Communications which are grouped under its subsidiary Frontier Communications ILEC Holdings. The ...
The company subsequently acquired companies such as Frontier Communications of Rochester [17] as well as assets from Verizon Communications [18] and AT&T. [19] After filing for bankruptcy in 2020 [ 20 ] and emerging from restructuring in 2021, [ 10 ] Frontier went public again on May 4, 2021, on the NASDAQ . [ 6 ]
The price tag for Frontier, based in Dallas, is sizeable given its 2.2 million fiber subscribers across 25 states. Verizon has approximately 7.4 million Fios connections in nine states and Washington, D.C. Frontier has 7.2 million fiber locations and has planst to build out an additional 2.8 million fiber locations by the end of 2026.
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Frontier Communications ILEC Holdings, Inc. is a holding company subsidiary owned by Frontier Communications. It serves as a holding company for former Bell System , Contel , and GTE incumbent local exchange carrier (ILEC) telephone operating companies that were owned by Verizon prior to July 1, 2010.