California Public Utilities Commission Approves Acquisition
Transaction Expected to Close at End of March 2016
NORWALK, Conn.--(BUSINESS WIRE)--
Frontier CommunicationsCorporation (NASDAQ: FTR) announced today
that the California Public Utilities Commission (CPUC) unanimously voted
to approve Frontier’s proposed acquisition of Verizon's wireline,
broadband and video operation in California, including the FiOS®
network.
Frontier has received all other necessary regulatory clearances,
including those from the Federal Communications Commission, the U.S.
Department of Justice and the Public Utility Commission of Texas, for
the $10.54 billion acquisition, which includes Verizon’s wireline,
broadband and video operations and FiOS networks in California, Florida
and Texas. The transaction is expected to close at the end of March 2016.
Daniel J. McCarthy, President and CEO of Frontier Communications said,
“With this final approval, we look forward to completing our transaction
with Verizon which represents a significant transformation for Frontier.
We will transition our revenue to a more diversified mix, improve our
growth prospects, create sustainable value for our shareholders and
provide a great experience for our new Frontier customers in California,
Florida and Texas.”
Kathleen Abernathy, Executive Vice President, External Affairs for
Frontier said, “We are very pleased the full CPUC approved the
acquisition and our settlements with various parties to the proceeding.
The CPUC process leading to today’s approval informed the settlement
negotiations and provided a forum for input from consumers across the
state. We welcome the opportunity to expand our business in California.”
To learn more, visit http://www.meetfrontier.com
Forward-Looking Statements
This document contains "forward-looking statements," related to future,
not past, events. Forward-looking statements address our expected future
business and financial performance and financial condition, and contain
words such as "expect," "anticipate," "intend," "plan," "believe,"
"seek," "see," "will," "would," or "target." Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain. These risks and uncertainties include, but are not limited
to: Frontier’s ability to complete the acquisition of Verizon’s
California, Florida and Texas wireline operations, including the ability
to complete the financing of the acquisition; the ability to
successfully integrate the acquired operations into Frontier’s existing
operations; the sufficiency of the assets to be acquired from Verizon to
enable the combined company to operate the acquired business; the
ability to enter into or obtain, or delays in entering into or
obtaining, certain agreements and consents necessary to operate the
acquired business as planned; and the other factors that are described
in our filings with the U.S. Securities and Exchange Commission,
including our reports on Forms 10-K and 10-Q. These risks and
uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking statements. We do
not undertake to update or revise these forward-looking statements.
About Frontier Communications
Frontier Communications Corporation (NASDAQ:FTR) offers broadband,
voice, video, wireless Internet data access, data security solutions,
bundled offerings and specialized bundles for residential customers,
small businesses and home offices, and advanced communications for
medium and large businesses in 28 states. Frontier’s approximately
18,600 employees are based entirely in the United States. More
information is available at www.frontier.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151203006194/en/
Frontier CommunicationsCorporation
Media:
Steve
Crosby, 916-206-8198
Senior Vice President, Regulatory &
Legislative Affairs
steven.crosby@ftr.com
or
Investors:
Luke
Szymczak, 203-614-5044
Vice President, Investor Relations
luke.szymczak@ftr.com
Source: Frontier Communications Corporation