Verizon buying Frontier in $20B deal to strengthen its fiber network

2024-12-25 09:12:47 source:lotradecoin trading tutorial for beginners category:My

Verizon is buying Frontier Communications in a $20 billion deal to strengthnen its fiber network.

Verizon Communications Inc. said Thursday that the transaction will also help it in the areas of artificial intelligence and the Internet of Things.

Frontier has concentrated heavily on its fiber network capabilities over about the last four years, investing $4.1 billion upgrading and expanding its fiber network. It now gets more than half of its revenue from fiber products.

Frontier has 2.2 million fiber subscribers across 25 states. Verizon has approximately 7.4 million Fios connections in nine states and Washington, D.C.

Verizon will pay $38.50 for each Frontier share. The deal is expected to close in about 18 months. It still needs approval from Frontier shareholders.

More:My

Recommend

GM to retreat from robotaxis and stop funding its Cruise autonomous vehicle unit

DETROIT — General Motors said Tuesday it will retreat from the robotaxi business and stop funding it

Runaway cockatiel missing for days found in unlikely haven: A humane society CEO's backyard

What are the odds of an escaped pet bird landing at the bird feeder of the local humane society's CE

Michael Strahan Shares He's a Grandfather After Daughter Welcomes Son

Michael Strahan just added a new role to his ever-growing resume: grandpa.The 52-year-old shared tha