Frontier Communications Shareholders Approve Merger with Verizon in $38.50/Share All-Cash Deal

Frontier Communications (NASDAQ: FYBR) announced that its shareholders have approved the acquisition by Verizon Communications Inc. (NYSE, NASDAQ: VZ) in a recent vote, with approximately 63% in favor. This merger agreement, first revealed on September 5, 2024, values Frontier at $38.50 per share in cash—a 37% premium above its pre-announcement share price.

Pending regulatory approvals, the transaction is expected to close by Q1 2026. Frontier CEO Nick Jeffery expressed confidence in the combined entity’s potential to expand premium fiber services nationwide, benefiting millions more consumers through the expanded network.

Frontier, the U.S.’s largest pure-play fiber provider, continues its commitment to “Building Gigabit America®,” delivering high-speed broadband connectivity to drive productivity for homes and businesses. Frontier shareholders’ positive vote and Verizon’s strategic acquisition align both companies’ goals in providing reliable, high-speed internet access to underserved areas.

The forward-looking statements included in Frontier’s communication highlight factors that could impact the merger’s completion, including regulatory and shareholder approval, potential competing acquisition offers, and the transaction’s effect on business operations. As of now, the combined expertise of both companies is expected to accelerate fiber network reach and meet growing demands for high-speed connectivity across the U.S.

Source: Business Wire

Photo Credit: Business Wire