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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.
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 ...
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.
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.
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.
Sports: Imanaga, 2 relievers combine for no-hitter, lead Cubs over Pirates 12-0; Showbiz: An appeals court upholds a ruling that an online archive's book sharing violated copyright law; Money: Verizon buying Frontier in $20B deal to strengthen its fiber network; Tech: Verizon buying Frontier in $20B deal to strengthen its fiber network
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