"The acquisition of Frontier is a strategic fit," said Vestberg in a statement. "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."
Verizon's big interest in Frontier is its fiber business and the fact that it extends to places that Verizon does not currently cover as well.
Currently, Frontier has 2.2 million customers across 25 states, including the lucrative market of Washington, DC. It's building out its network and plans to touch 10 million homes by 2026, up from 7 million today.
This acquisition is somewhat karmic; in 2009, Frontier acquired some of Verizon's legacy local exchange business for $8.5 billion. Adjusted for inflation, that's around $12.5 billion 2024 dollars.
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