Significant Benefits to Verizon Shareholders
Frontier to Provide Seamless Transition for Customers and Employees, and Target Increased Broadband Penetration
NEW YORK, May 13 /PRNewswire/ -- In a move that will further accelerate the company's focus on wireless, broadband and global IP, Verizon Communications Inc. (NYSE: VZ - News) today announced plans to divest its local wireline operations serving residential and small-business customers in predominantly rural areas in 14 states and that these operations will be acquired by Frontier Communications (NYSE: FTR - News).
The transaction is expected to strengthen Frontier's position as a premier rural communications provider and return a total value of $8.6 billion to Verizon and its shareholders, as Verizon continues to transform its growth profile and asset base around the fastest-growing parts of its business: wireless, fiber-based wireline (FiOS) and global IP (Internet protocol) networks.
