Verizon announced plans to acquire Frontier Communications for $20 billion in an all-cash deal, aiming to strengthen its fiber network. Frontier’s nearly 2 million fiber subscribers will combine with Verizon’s nearly 7 million FiOS connections. The acquisition will allow Verizon to compete more effectively against AT&T and expand into new markets. Verizon expects $500 million in annual cost savings and increased revenue.
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00:00It's Benzinga, and here's what's on the block.
00:02Verizon announced plans to acquire Frontier Communications for $20 billion in an all-cash deal aiming to strengthen its fiber network.
00:10Frontier's nearly 2 million fiber subscribers will combine with Verizon's nearly 7 million Fios connections.
00:16The acquisition will allow Verizon to compete more effectively against AT&T and expand into new markets.
00:22Verizon expects $500 million in annual cost savings and increased revenue.
00:26For all things money, visit Benzinga.com.
00:30For more information visit www.benzinga.com