Verizon has revealed that it’s expanding its fiber network by preparing to buy Frontier Communications in a cash deal worth $20 billion. The acquisition aims to help Verizon recapture fiber lines that were sold in 2016 as part of a TV and Internet deal in California, Texas, and Florida.
Verizon offered $38.50 per share, a premium of 36.3% to Frontier’s closing price on the 3rd September. The deal is set to close in 18 months, and is expected to help Verizon compete against premium broadband services such as AT&T.
