Verizon to buy Frontier for $9.6 billion, says it will expand fiber network

Enlarge / A Verizon FiOS truck in Manhattan on September 15, 2017. (credit: Getty Images | Smith Collection | Gado)

Verizon today announced a deal to acquire Frontier Communications, an Internet service provider with about 3 million customers in 25 states. Verizon said the all-cash transaction is valued at $20 billion.

Verizon agreed to pay $9.6 billion and is taking on over $10 billion in debt held by Frontier. Verizon said the deal is subject to regulatory approval and a vote by Frontier shareholders and is expected to be completed in 18 months.

"Under the terms of the agreement, Verizon will acquire Frontier for $38.50 per share in cash, representing a premium of 43.7 percent to Frontier's 90-Day volume-weighted average share price (VWAP) on September 3, 2024, the last trading day prior to media reports regarding a potential acquisition of Frontier," Verizon said.