Frontier clears final hurdle for Verizon acquisition


Details

Michelle Clancy

| 10 December 2015




Frontier Communications has been approved to acquire Verizon's wireline, broadband and video operation in California, including the FiOS network.


The California Public Utilities Commission (CPUC) has unanimously voted to approve Frontier's proposed acquisition.

Frontier has now cleared all hurdles for the $10.54 billion acquisition of Verizon's wireline, broadband and video operations and FiOS networks in California, Florida and Texas. It has received all other necessary regulatory clearances, including those from the Federal Communications Commission, the US Department of Justice and the Public Utility Commission of Texas. The transaction is expected to close at the end of March 2016.

"With this final approval, we look forward to completing our transaction with Verizon, which represents a significant transformation for Frontier,” said Daniel McCarthy, president and CEO of Frontier Communications.

“We will transition our revenue to a more diversified mix, improve our growth prospects, create sustainable value for our shareholders and provide a great experience for our new Frontier customers in California, Florida and Texas.”

Kathleen Abernathy, EVP of external affairs for Frontier, added: "We are very pleased the full CPUC approved the acquisition and our settlements with various parties to the proceeding. The CPUC process leading to today's approval informed the settlement negotiations and provided a forum for input from consumers across the state. We welcome the opportunity to expand our business in California."