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.
Frontier's 2.2 million fiber subscribers across 25 states will join Verizon's approximately 7.4 million FiOS connections in 9 states and Washington, D.C.
The deal is subject to regulatory approval and a vote by Frontier shareholders and is expected to be completed in 18 months.
Combined, the Verizon and Frontier fiber networks pass over 25 million premises in 31 states and the District of Columbia, enhancing Verizon's market presence.
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