Frontier Acquires Verizon’s Wireline Operations
Acquires Verizon’s Wireline Operations
Frontier Communications has finally completed its $10.54 billion acquisition of Verizon Communications wireline operations that provides services to residential, commercial and wholesale customers.
The takeover announced on April 1 affects three states namely California, Texas and Florida. A press statement said that the acquired businesses include approximately 3.3 million voice connections, 2.1 million broadband connections, and 1.2 million FiOS video subscribers, as well as the related incumbent local exchange carrier businesses.
New customers will begin receiving monthly bills from mid-April. Daniel J. McCarthy, the Frontier’s President and Chief Executive Officer said the acquisition is part of their transformation agenda for 2016 and moving forward. “This is a transformative acquisition for Frontier that delivers first-rate assets and important new opportunities given our dramatically expanded scale,” he noted.
“It significantly expands our presence in three high-growth, high-density states, and improves our revenue mix by increasing the percentage of our revenues coming from segments with the most promising growth potential.” One of the most significant achievements for Frontier in the takeover deal is that they will benefit with approximately 9,400 employees currently under Verizon.
McCarthy welcomed that saying it is a sign of continuity. “Our new colleagues know their markets, their customers and their business extremely well. As valued members of the Frontier team, they will ensure continuity of existing customer relationships.” After the transaction was announced on February 5, 2015, Frontier received regulatory clearance from the U.S. Department of Justice, the Federal Communications Commission, the California Public Utilities Commission, the Public Utility Commission of Texas, and other public authorities.
Additionally, Frontier received the full support of the Communications Workers of America (District 9) and the International Brotherhood of Electrical Workers (IBEW) Local 543 and the IBEW, AFL-CIO Local 824. As it stands, there are no legal or regulatory hurdles that will stand in the way of the deal.
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