Frontier Communications Completes Acquisition of Verizon Wireline Operations in California, Texas and Florida
April 01 2016 - 10:11AM
Business Wire
Frontier Communications Corporation (NASDAQ:FTR) today announced
completion of its $10.54 billion acquisition of Verizon
Communications, Inc. (NYSE:VZ) wireline operations providing
services to residential, commercial and wholesale customers in
California, Texas and Florida. The acquired businesses include
approximately 3.3 million voice connections, 2.1 million broadband
connections, and 1.2 million FiOS® video subscribers, as well as
the related incumbent local exchange carrier businesses. New
customers will begin receiving monthly bills starting in
mid-April.
"This is a transformative acquisition for Frontier that delivers
first-rate assets and important new opportunities given our
dramatically expanded scale," said Daniel J. McCarthy, Frontier's
President and Chief Executive Officer. "It significantly expands
our presence in three high-growth, high-density states, and
improves our revenue mix by increasing the percentage of our
revenues coming from segments with the most promising growth
potential."
Frontier is pleased to welcome from Verizon approximately 9,400
employees. “Our new colleagues know their markets, their customers
and their business extremely well,” McCarthy said. “As valued
members of the Frontier team, they will ensure continuity of
existing customer relationships.”
After the transaction was announced on February 5, 2015,
Frontier received regulatory clearance from the U.S. Department of
Justice, the Federal Communications Commission, the California
Public Utilities Commission, the Public Utility Commission of
Texas, and other public authorities. Additionally, Frontier
received the full support of the Communications Workers of America
(District 9) and the International Brotherhood of Electrical
Workers (IBEW) Local 543 and the IBEW, AFL-CIO Local 824.
About Frontier Communications
Frontier Communications Corporation, now a Fortune 500 and
S&P 500 company, is a leader in providing communications
services to urban, suburban, and rural communities in 29 states.
Frontier offers a variety of services to residential customers over
its fiber-optic and copper networks, including video, high-speed
internet, advanced voice, and Frontier Secure digital protection
solutions. Frontier Business Edge offers communications solutions
to small, medium, and enterprise businesses. Frontier’s
approximately 28,600 employees are based entirely in the United
States. More information about Frontier is available at
www.frontier.com.
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. For us,
particular risks and uncertainties that could cause our actual
results to be materially different than those expressed in our
forward-looking statements including our ability to successfully:
integrate our newly acquired operations, realize anticipated cost
savings, migrate operations from Verizon systems and processes to
our systems and processes, meet our debt and debt service
obligations, deal with competition from cable, wireless and
wireline carriers and satellite companies, adjust to changes in the
communications industry, manage service quality and meet mandated
service quality metrics, introduce new product offerings, avoid or
deal with the impact of potential information technology or data
security breaches or other disruptions, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20160401005508/en/
Frontier Communications CorporationInvestorsLuke
Szymczak, 203-614-5044Vice President, Investor
Relationsluke.szymczak@ftr.comorMediaBrigid M. Smith,
203-614-5042Assistant Vice President, Corporate
Communicationsbrigid.smith@ftr.com
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