Mobile

Verizon announces $20B Frontier Communications acquisition

Verizon announced its $20 billion all-cash acquisition of Frontier Communications today, a move which USA Today says is intended to strengthen Verizon's fiber network.

Image: Adobe Stock

September 5, 2024

Verizon announced its $20 billion all-cash acquisition of Frontier Communications today, a move which USA Today says is intended to strengthen Verizon's fiber network.

"Connectivity is essential in nearly every part of our lives and work, and no one delivers better than Verizon," Hans Vestberg, chairman and CEO at Verizon, said in the official Verizon press release. "The acquisition of Frontier is a strategic fit. It will build on Verizon's two decades of leadership at the forefront of fiber and is an opportunity to become more competitive in more markets throughout the United States, enhancing our ability to deliver premium offerings to millions more customers across a combined fiber network."

"Less than four years ago, we set out an ambitious plan to Build Gigabit America, the digital infrastructure this country needs to thrive for generations to come," Nick Jeffery, president and CEO at Frontier, added in the release. "Today's announcement is recognition of our progress building a best-in-class fiber network and delivering reliable, high-speed broadband to millions of customers across the country. It's also a vote of confidence for the future of fiber. I am confident that this delivers a significant and certain cash premium to Frontier's shareholders, while creating exciting new opportunities for our employees and expanding access to reliable connectivity for more Americans."