Frontier Acquires Verizon Wireline Operations in California, Florida, Texas
Frontier Communications agreed to buy Verizon's residential, commercial and wholesale wireline operations in California, Florida and Texas for $10.54 billion, Frontier said Thursday. Included in the deal, which doubles Frontier's size, are 3.7 million voice connections, 2.2 million broadband connections…
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and 1.2 million FiOS video connections, a news release said. Subject to regulatory approval, the transaction is expected to close in the first half of 2016. "These properties are a great fit for Frontier and will strengthen our presence in competitive suburban markets and accelerate our recent market share gains,” said Frontier CEO Maggie Wilderotter. The deal further strengthens Verizon’s focus on its core markets, Verizon CEO Lowell McAdam said, promising “a smooth transition” for customers and employees. Verizon also said it will lease the rights to over 11,300 of its wireless towers to American Tower Corp., which will also purchase about 165 Verizon towers for $5 billion. The telco also announced $5 billion accelerated share-repurchase program.