Summary by Moomoo AI
On September 4, 2024, Verizon Communications Inc. (Verizon) entered into a definitive agreement to acquire Frontier Communications Parent, Inc. (Frontier) in an all-cash transaction valued at $20 billion. The acquisition will expand Verizon's fiber network, adding 2.2 million fiber subscribers and extending its reach to 25 million premises across 31 states and Washington, D.C. The deal is expected to be accretive to Verizon's revenue and Adjusted EBITDA growth upon closing and is projected to generate at least $500 million in annual run-rate cost synergies. The transaction has been unanimously approved by both companies' Boards of Directors and is subject to approval by Frontier shareholders, regulatory approvals, and other customary closing conditions. Verizon reaffirmed its full-year 2024 guidance, and the transaction is anticipated to close in approximately 18 months.
