An anonymous reader quotes a report from Ars Technica: Verizon today announced a deal to acquire Frontier Communications, an Internet service provider with about 3 million customers in 25 states. Verizon said the all-cash transaction is valued at $20 billion. Verizon agreed to pay $9.6 billion and is taking on over $10 billion in debt (PDF) held by Frontier. Verizon said the deal is subject to regulatory approval and a vote by Frontier shareholders and is expected to be completed in 18 months.
“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,” Verizon said. Assuming regulatory and shareholder approval, Verizon will be buying back a former portion of its network that