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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.
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 ...
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.
“A fiber footprint covering 17% of the U.S. is nowhere near large enough to be the basis of a strategy for a national wireless operator.” 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.
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