California Administrative Law Judge Issues Favorable ‘Proposed Decision’ in Frontier’s Acquisition of Verizon Assets
November 09 2015 - 08:00AM
Business Wire
Full California Public Utilities Commission
Expected to Vote on the Final Order by End of Year
Frontier Communications Corporation (NASDAQ: FTR) announced that
on Friday, November 6, 2015 Administrative Law Judge Karl J.
Bemesderfer with the California Public Utilities Commission (CPUC)
issued a favorable Proposed Decision (PD) proposing approval of
Frontier’s proposed acquisition of Verizon's local wireline,
broadband and video operations, including the FiOS network. The
company has already received all other necessary regulatory
approvals, including from the Federal Communications Commission
(FCC) and the Justice Department. Frontier Communications along
with other parties will be filing comments on the PD by November
20, 2015. Pending final CPUC approval in California, Frontier
expects to close the transaction at the end of the first quarter of
2016.
Kathleen Abernathy, EVP, External Affairs, Frontier
Communications said, “We are pleased that the PD finds that our
proposed settlements with the Office of Ratepayer Advocates (ORA),
TURN and Center for Accessible Technology, California Emerging
Technology Fund, Greenlining, and others address the public
interest requirements to be considered by the Commission. The
Public Participation Hearings conducted this summer by Commissioner
Catherine Sandoval and Judge Bemesderfer informed these agreements
and contributed to the settlements. We will continue to work
through any remaining issues raised in the PD and address them in
our comments, which are due in a few weeks. As we have publicly
stated in all our filed testimony, we look forward to the
opportunity to increase our presence in California and bring
investment, jobs, and increased broadband availability to consumers
across the state, in both urban and rural markets.”
Abernathy went on to say, “If this transaction is ultimately
approved by the full CPUC and the Transaction closes, California
will benefit from millions of dollars of investment throughout the
state, especially in unserved rural areas. Frontier is excited to
bring our high-touch local engagement management model as well as
our active involvement in the communities we serve to the cities
that are part of this transaction.”
The full CPUC is expected to vote on the PD by the end of the
year which follows the original schedule set out by Commissioner
Sandoval and Administrative Law Judge Bemesderfer.
Forward-Looking
Statements
This document contains "forward-looking statements," related to
future, not past, events. Forward-looking statements address our
expected future business and financial performance and financial
condition, and contain words such as "expect," "anticipate,"
"intend," "plan," "believe," "seek," "see," "will," "would," or
"target." Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. These risks and
uncertainties include, but are not limited to: Frontier’s ability
to complete the acquisition of Verizon’s California, Florida and
Texas wireline operations, including the ability to complete the
financing of the acquisition; the ability to successfully integrate
the acquired operations into Frontier’s existing operations; the
sufficiency of the assets to be acquired from Verizon to enable the
combined company to operate the acquired business; the ability to
enter into or obtain, or delays in entering into or obtaining,
certain agreements and consents necessary to operate the acquired
business as planned; the ability to obtain, delays in obtaining or
adverse conditions contained in any required regulatory approvals
for the Verizon transaction; and the other factors that are
described in our filings with the U.S. Securities and Exchange
Commission, including our reports on Forms 10-K and 10-Q. These
risks and uncertainties may cause our actual future results to be
materially different than those expressed in our forward-looking
statements. We do not undertake to update or revise these
forward-looking statements.
About Frontier Communications
Frontier Communications Corporation (NASDAQ:FTR) offers
broadband, voice, video, wireless Internet data access, data
security solutions, bundled offerings and specialized bundles for
residential customers, small businesses and home offices, and
advanced communications for medium and large businesses in 28
states. Frontier’s approximately 18,600 employees are based
entirely in the United States. More information is available at
www.frontier.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151109005849/en/
Frontier Communications CorporationSteve Crosby,
916-206-8198Senior Vice President, Regulatory &
LegislativeSteven.Crosby@ftr.com
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