Reported in USA Today
Verizon announced Thursday it had entered into a definitive agreement to acquire Frontier Communications in an all-cash transaction valued at $20 billion. According to Verizon, the acquisition will 'significantly expand' the company’s fiber footprint across the country. The combination will integrate Frontier’s fiber network into Verizon’s portfolio of fiber and wireless assets, including its Fios offering, according to a news release. Frontier has 2.2 million subscribers across 25 states while Verizon has about 7.4 million Fios connections in nine states and Washington, D.C., according to Verizon. Frontier has committed to build an additional 2.8 million fiber locations by the end of 2026, increasing its current total of 7.2 million fiber locations. The two companies have about 10 million combined fiber customers across 31 states and Washington, D.C. Verizon will acquire Frontier for $38.50 per share in cash, with the transaction valued at approximately $20 billion of enterprise value.