Search results
Results from the WOW.Com Content Network
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.
(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 ...
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.
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 plans to build out an additional 2.8 million fiber locations by the end of 2026.
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.
Money: Verizon buying Frontier in $20B deal to strengthen its fiber network; Tech: Verizon buying Frontier in $20B deal to strengthen its fiber network; Science: Boeing will fly its empty capsule back to Earth soon. Two NASA astronauts will stay behind; Health: Alaska governor vetoes expanded birth control access as a judge strikes down ...
The company began doing business as Frontier Communications of Connecticut. It is the second former unit of the Bell System to be acquired by Frontier, the first being Frontier West Virginia (originally C&P Telephone of West Virginia) which was purchased from Verizon in 2010.
The company was formed by Verizon in 2009 to facilitate the planned sale of some local subsidiaries to Frontier, which was completed on July 1, 2010. The company was set up to allow for a Reverse Morris Trust merger, allowing Verizon to spin off the company to Frontier tax-free. Its primary purpose was to transfer Frontier ILEC Holdings as well ...