NORWALK, Conn.--(BUSINESS WIRE)--
Frontier Communications Corporation (NASDAQ:FTR) today announced
completion of its $10.54 billion acquisition of Verizon Communications,
Inc. (NYSE:VZ) wireline operations providing services to residential,
commercial and wholesale customers in California, Texas and Florida. The
acquired businesses include approximately 3.3 million voice connections,
2.1 million broadband connections, and 1.2 million FiOS®
video subscribers, as well as the related incumbent local exchange
carrier businesses. New customers will begin receiving monthly bills
starting in mid-April.
"This is a transformative acquisition for Frontier that delivers
first-rate assets and important new opportunities given our dramatically
expanded scale," said Daniel J. McCarthy, Frontier's President and Chief
Executive Officer. "It significantly expands our presence in three
high-growth, high-density states, and improves our revenue mix by
increasing the percentage of our revenues coming from segments with the
most promising growth potential."
Frontier is pleased to welcome from Verizon approximately 9,400
employees. “Our new colleagues know their markets, their customers and
their business extremely well,” McCarthy said. “As valued members of the
Frontier team, they will ensure continuity of existing customer
relationships.”
After the transaction was announced on February 5, 2015, Frontier
received regulatory clearance from the U.S. Department of Justice, the
Federal Communications Commission, the California Public Utilities
Commission, the Public Utility Commission of Texas, and other public
authorities. Additionally, Frontier received the full support of the
Communications Workers of America (District 9) and the International
Brotherhood of Electrical Workers (IBEW) Local 543 and the IBEW, AFL-CIO
Local 824.
About Frontier Communications
Frontier Communications Corporation, now a Fortune 500 and S&P 500
company, is a leader in providing communications services to urban,
suburban, and rural communities in 29 states. Frontier offers a variety
of services to residential customers over its fiber-optic and copper
networks, including video, high-speed internet, advanced voice, and
Frontier Secure digital protection solutions. Frontier Business Edge
offers communications solutions to small, medium, and enterprise
businesses. Frontier’s approximately 28,600 employees are based entirely
in the United States. More information about Frontier is available at www.frontier.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. For us, particular risks and uncertainties that could cause
our actual results to be materially different than those expressed in
our forward-looking statements including our ability to successfully:
integrate our newly acquired operations, realize anticipated cost
savings, migrate operations from Verizon systems and processes to our
systems and processes, meet our debt and debt service obligations, deal
with competition from cable, wireless and wireline carriers and
satellite companies, adjust to changes in the communications industry,
manage service quality and meet mandated service quality metrics,
introduce new product offerings, avoid or deal with the impact of
potential information technology or data security breaches or other
disruptions, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160401005508/en/
Frontier Communications Corporation
Investors
Luke
Szymczak, 203-614-5044
Vice President, Investor Relations
luke.szymczak@ftr.com
or
Media
Brigid
M. Smith, 203-614-5042
Assistant Vice President, Corporate
Communications
brigid.smith@ftr.com
Source: Frontier Communications Corporation