Verizon Communications Inc. and Frontier Communications Parent, Inc. announced on Thursday that they have reached a deal for Verizon to acquire Frontier for $38.5 per share, at approximately $20 billion in cash, to expand Verizon's reach across the United States.
"The acquisition of Frontier is a strategic fit. It will build on Verizon's two decades of leadership at the forefront of fiber and is an opportunity to become more competitive in more markets throughout the United States, enhancing our ability to deliver premium offerings to millions more customers across a combined fiber network," Verizon CEO Hans Vestberg said. The transaction is anticipated to be closed in approximately 18 months. Frontier has invested $4.1 billion in its innovative fiber network, which will be integrated into Verizon's fiber and wireless assets.