VERIZON AGREES TO BUY FRONTIER
Verizon Communications agreed to purchase Frontier Communications for roughly $9.6 billion in an effort to increase its high-speed internet business.
The purchase will merge Frontier’s fiber network with Verizon’s, and will also bring back assets Verizon sold to Frontier in 2015.
This comes after Frontier filed for Chapter 11 bankruptcy in 2020 and spent four years updating its network and replacing old copper lines. Frontier’s 2.2 million fiber internet customers will join Verizon’s Fios in nine states.
Verizon and Frontier’s boards have approved the deal and should close if shareholders and regulators agree to it. The process could take up to 18 months.