Stock market data from financial news sources like Bloomberg, Yahoo Finance

Verizon to Acquire Frontier Communications for $20 Billion in All-Cash Deal at $38.50/Share

Sep 4, 2024, 06:47 PM

Verizon Communications Inc. is set to acquire Dallas-based Frontier Communications Parent Inc. in an all-cash deal valued at $20 billion. The acquisition price is $38.50 per share. This move is aimed at expanding Verizon's fiber network to 25 million premises across 31 states, bolstering its position against competitors such as AT&T. Frontier, which has a headcount of 15,000 and reported a revenue of $5.8 billion in 2023, saw its shares surge on the news. The deal, which could be announced as early as this week, is expected to close in 18 months.