Verizon to Acquire Frontier Communications in $20 Billion Deal...

Published: Sep 04, 2024 Duration: 00:04:31 Category: Howto & Style

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a special thank you to each of our subscribers who make this channel possible here's today's story telecommunications giant Verizon communications plans to take over smaller player Frontier Communications in an all cash deal valued at $20 billion as Verizon seeks to bolster its fiber footprint to battle its biggest rival AT&T according to Verizon Frontier operates the largest PurePlay fiber internet Network in the US with 2.2 million fiber subscribers across 25 States over the past 4 years Frontier has invested $4.1 billion upgrading and expanding its fiber Network and now generates more than 50% of its revenue from fiber products that will add to Verizon's approximately 7.4 million FiOS Connections in nine states and Washington DC the Telco said together Verizon and Frontier operate fiber networks passing more than 25 million premises in 31 States in DC and both companies expect to increase their fiber penetration between now and closing it's a relatively small deal Frontier would add about 4% to Verizon's revenue and adjusted earnings before interest taxes depreciation and amortization for Verizon this would be a bold step in the direction of convergence which is in our view an absolutely atrocious idea Craig Moffett of Moffet Nathanson research wrote in a research note Verizon's current fiber footprint covers a small fraction of the US and Frontier wouldn't materially change that the analyst wrote there is simply no path forward for Verizon to Cobble together a meaningful Wireline coverage map and a national wireless network basing its strategy on convergence with Wireline fiber that is available to just a small fraction of American homes with no conceivable path to Broad coverage is an awful strategy Moffet wrote the companies said they expect the deal to close in approximately 18 months subject to approval by Frontier shareholders regulatory approvals and other closing conditions the agreement has been unanimously approved by the Verizon and Frontier boards they said connectivity is essential in nearly every part of our lives and work and no one delivers better than Verizon Verizon chairman and CEO Hans vestberg said in a statement Thursday Verizon offers more Choice flexibility and value and we continuously look for ways to provide the best product and network experience to our customers as we bolster our position as the provider of choice Nick Jeffrey president and CEO of Frontier said the deal with Verizon is a vote of confidence for the future of fiber I am confident that this delivers a significant and certain cash premium to Frontier shareholders while creating exciting new opportunities for our employees and expanding access to Reliable connectivity for more Americans Verizon said it expects the Takeover of Frontier to be a creative to Verizon's revenue and adjusted earnings growth rates Verizon anticipates seeing at least $500 million in annual cost C synergies by the third year of the deal from benefits of increased scale and distribution and network integration under the terms of the agreement Verizon proposes to acquire Frontier for $38.50 per share in cash representing a premium of 43.7% to Frontier 90-day volume weighted average share price on September 3rd the last trading day prior to Media reports regarding a Verizon acquisition of Frontier Telecommunications giant Verizon communications plans to take over smaller player Frontier Communications in an all cash deal valued at $20 billion as Verizon seeks to bolster its fiber footprint to battle its main rival AT&T according to Verizon Frontier operates the largest PurePlay fiber internet Network in the US with 2.2 million fiber subscribers across 25 States over the past 4 years Frontier has invested $4.1 billion upgrading and expanding its fiber Network and now generates more than 50% of its revenue from fiber products that will add to Verizon's approximately 7.4 million FiOS Connections in nine states and Washington DC Frontier has 7.2 million fiber locations and has plans to build out an additional 2.8 million fiber locations by the end of 2026 the acquisition of Frontier is a strategic fit that's all for this story We upload videos every day covering many different subjects so hit that subscribe button to stay informed thanks for watching

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