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Verizon to Acquire Frontier for $20 Billion in Cash
Verizon Communications plans to take over smaller player Frontier Communications in an all-cash deal valued at $20 billion.
Nick Jeffery, president and CEO of Frontier, said the deal with Verizon is “a vote of confidence for the future of fiber. I am confident that this delivers a significant and certain cash premium to Frontier’s shareholders, while creating exciting new opportunities for our employees and expanding access to reliable connectivity for more Americans.” Verizon anticipates seeing at least $500 million in annual cost synergies by the third year of the deal from “benefits of increased scale and distribution and network integration.”
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