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FRONTIER COMMUNICATIONS AGREES TO ACQUIRE VERIZON ASSETS CREATING AMERICA'S LARGEST PURE RURAL COMMUNICATIONS SERVICES PROVIDER
About the Transaction:
On May 13, 2009, Frontier Communications (NYSE: FTR) announced the signing of a definitive agreement with Verizon Communications Inc. (NYSE: VZ) to acquire @ 4.8 million access lines from Verizon.
Upon completion of the transaction, Frontier will be the largest pure rural communications provider and the nation's fifth largest incumbent local exchange carrier (ILEC) with more than 7 million access lines, 8.6 million voice and broadband connections (based on 2008 data) and 16,000 employees in 27 states.