Verizon Announces $20 Billion Frontier Acquisition

Verizon on Thursday said it's acquiring Frontier Communications for $20 billion, a huge deal that will expand its customer base in the U.S.

The Frontier acquisition will allow Verizon to integrate the telecom provider's fiber network into its own assets and expand the availability of services like FiOS to an additional 2.2 million customers.

Verizon's Hans Vestberg

“Connectivity is essential in nearly every part of our lives and work, and no one delivers better than Verizon,” said Verizon Chairman and CEO Hans Vestberg. “Verizon offers more choice, flexibility and value, and we continuously look for ways to provide the best product and network experience to our customers as we bolster our position as the provider of choice.

“The acquisition of Frontier is a strategic fit," Vestberg added. "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.”

The deal will allow Verizon to offer fiber to new communities upon closing while also uniting Frontier's broadband offerings with Verizon's mobile offerings.

Expect the acquisition to close in about 18 months, once it's gone through what will likely be a rigorous regulatory process. The deal heightens Verizon's competition with big rivals such as AT&T and T-Mobile.

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