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Verizon, based in New York City, will pay $38.50 for each Frontier share. The deal is expected to close in about 18 months. It still needs approval from Frontier shareholders.
Verizon had in 2016 sold its TV and internet business in California, Texas and Florida to Frontier in a $10.54 billion deal, which included a portion of its fiber networks and customers.
Frontier's stock closed at $35.25 on Monday, more than $3 below the proposed deal price. Verizon announced the deal almost a year after activist investment firm Jana Partners said it had built a ...
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. “The acquisition of Frontier is a strategic fit," Verizon Chairman and CEO Hans Vestberg said in a prepared statement.
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In late 2020, Frontier dropped the FiOS branding, renaming the service Frontier FiberOptic. In 2021, Frontier discontinued its in-house TV services and partnered with YouTube TV, freeing up its bandwidth for internet and phone. Frontier customers were paying the two services separately until March 27, 2023 when the companies offered integrated ...
The strike was the year's longest work stoppage. [13] Leaders of the International Brotherhood of Electrical Workers (IBEW) and the Communications Workers of America (CWA) said that FairPoint management had abandoned the bargaining process on August 27 after refusing to compromise on any substantive issue since negotiations began.
In particular, Verizon will acquire Frontier for $38.50 per share in cash, a 43.7% premium over Frontier’s 90-day volume-weighted average share price (VWAP) as of September 3, 2024.