Verizon's acquisition of Frontier, announced for $20 billion, is a strategic move that enhances its fiber network, effectively increasing its competitiveness against rivals like AT&T.
Hans Vestberg, Verizon's Chairman and CEO, stated that this acquisition is a strategic fit that taps into Verizon's fiber leadership and expands its competitive reach across the U.S.
Frontier faced significant challenges, declaring Chapter 11 bankruptcy in 2020 and dealing with an FTC lawsuit regarding misrepresentation, impacting its credibility and finances.
The deal will add 2.2 million fiber subscribers to Verizon's existing base, increasing its coverage to about 10 million customers in 31 states and Washington, DC.
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