Verizon in Advanced Talks to Acquire $7 Billion Frontier Communications, Announcement Expected Thursday

Sep 4, 2024, 05:36 PM

Verizon Communications Inc. is reportedly in advanced talks to acquire Frontier Communications, a Dallas-based fiber provider, in a deal that could be announced as early as this Thursday, according to the Wall Street Journal. The acquisition aims to bolster Verizon's fiber network to better compete with rivals such as AT&T. Frontier Communications, which has a market value of approximately $7 billion, could see significant redundancies given its 15,000-strong workforce. Following the news, Verizon shares fell by 2.7%, while Frontier Communications' stock surged by 30%.