NEW YORK, April 1, 2016 /PRNewswire/ -- Verizon
Communications Inc. (NYSE, Nasdaq: VZ) today announced the
completion of its sale of local landline assets, operations and
businesses in California,
Florida and Texas.
Frontier Communications Corporation (Nasdaq: FTR) now owns and
operates these landline businesses, which include broadband, video,
voice and Fios operations in the three states.
The sale does not include the services, offerings or assets of
other Verizon businesses, such as Verizon Wireless and Verizon
Enterprise Solutions.
The transaction is valued at approximately $10.5 billion (approximately $7.5 billion net of income taxes), subject to
certain adjustments and including Frontier's assumption of
$0.6 billion in debt.
The transaction concentrates Verizon's landline operations in
contiguous northeast markets – which will enhance the efficiency of
the company's marketing, sales and service operations across its
remaining landline footprint. It also allows Verizon to further
strengthen and extend its industry leadership position in the U.S.
wireless market, while returning value to Verizon's shareholders.
As previously announced, Verizon is using the proceeds of the
transaction to pay down debt.
Approximately 9,400 Verizon employees who served customers in
California, Florida and Texas are continuing employment with
Frontier.
Further details will be available when Verizon announces
first-quarter 2016 results on April
21.
Verizon Communications Inc. (NYSE, Nasdaq: VZ) employs a diverse
workforce of 177,700 and generated nearly $132 billion in 2015 revenues. Verizon operates
America's most reliable wireless network, with more than 112
million retail connections nationwide. Headquartered in
New York, the company also
provides communications and entertainment services over America's
most advanced fiber-optic network, and delivers integrated business
solutions to customers worldwide.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive
speeches and biographies, media contacts and other information are
available at Verizon's online News Center at www.verizon.com/news/.
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visit www.verizon.com/about/rss-feeds/.
Media contact:
Bob
Varettoni
908.559.6388
robert.a.varettoni@verizon.com
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SOURCE Verizon