Verizon to Acquire Frontier Communications in $20B Transaction

Verizon announced Thursday that it has agreed to acquire Frontier Communications. The $9.6 billion all-cash transaction is valued by the companies at $20 billion when it includes Verizon’s assumption of Frontier debt.

Over the past four years Dallas-based Frontier has spent more than $4.1 billion upgrading its fiber network which currently includes more than 2.2 million subscribers across 25 states, deriving more than 50 percent of its revenue from fiber products. The Frontier network will now be folded into Verizon’s base of 7.4 million connections in 9 states and Washington, D.C.