Frontier Communications agrees to acquire AT&T wireline business in connecticut
On December 17, 2013, Frontier Communications (NASDAQ: FTR) announced the signing of a definitive agreement with AT&T Communications Inc. (NYSE: T) to acquire AT&T’s wireline business and statewide fiber network that provides services to residential, commercial and wholesale customers in Connecticut. Frontier will also acquire AT&T’s U-verse video and satellite TV customers in Connecticut. Frontier is a Fortune 1000, S&P 500 company included in the FTSE4Good Index Series. Its corporate headquarters has been based in Connecticut since 1946.
The $2B all-cash transaction is non-dilutive for shareholders and does not change the company’s annual dividend. The transaction is subject to customary closing conditions and regulatory approvals, including the Federal Communications Commission and the Connecticut Public Utilities Regulatory Authority and expected to be completed in 12 months.
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