Verizon’s $9.6 Billion Bid for Frontier Expands Broadband
- The deal has an enterprise value of $20 billion including debt
- Verizon to buy fiber rival to expand high-speed internet
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Verizon Communications Inc., the largest US phone company, agreed to buy rival telecommunications operator Frontier Communications Parent Inc. for about $9.59 billion to expand its high-speed internet business.
Frontier’s investors will get $38.50 a share, a 37% premium to the closing price on Tuesday, the day before news of a pending deal came out, Verizon said in a statement on Thursday. The transaction values the Dallas-based company at $20 billion including debt.