This week, Verizon and Frontier Communications announced they have entered into a definitive agreement for Verizon to acquire Frontier in an all-cash transaction. This will significantly expand Verizon's fiber footprint nationwide and accelerate their network for digital innovations like Artificial Intelligence (AI) and Internet of Things (IoT). The term IoT refers to the collection of connected data devices and the technology that facilitates communication between devices and the cloud.
Regional and national strategy behind the purchase:
- Increases scale with 2.2 million fiber subscribers
- Extends Verizon’s network reach to 25 million premises across 31 states and Washington D.C.
- Transaction valued at $20 billion
"The combination will integrate Frontier’s cutting-edge fiber network into Verizon's leading portfolio of fiber and wireless assets, including its best-in-class Fios offering," explained Courtney Barnard, leading Verizon's State & Local Government Affairs in Florida. "Frontier customers and those previously outside Verizon’s fiber footprint are expected to gain more choice and access to Verizon’s premium mobility, home internet, streaming and connected home offerings, alongside premium business products like Verizon Business Complete. The transaction has been unanimously approved by the Verizon and Frontier Boards of Directors and is expected to close in approximately 18 months, subject to approval by Frontier shareholders, receipt of certain regulatory approvals and other customary closing conditions."
Verizon is a Tampa Bay Chamber Member company since 2019.
