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Verizon (VZ) to acquire Frontier Communications


A Verizon telecommunications truck is parked on a street in Washington, DC June 11, 2019.

Eva Hambach | AFP | Getty Images

Verizon said on Thursday it would acquire Frontier Communications in a deal valued at $20 billion, as the U.S. wireless carrier looks to boost its fiber network.

Shares of Frontier Communications fell more than 7% in premarket trading. Verizon climbed about 1%.

Verizon has offered $38.50 per Frontier share held, a premium of 37.3% to Frontier’s closing price on Sept. 3, before reports of a potential acquisition emerged.

The deal is expected to generate at least $500 million in annual run-rate cost synergies.

This story is developing. Please check back for updates.



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