Approximately 63% of Frontier Communications’ stockholders have approved the acquisition by Verizon, including ten of the company’s top twelve stockholders.
On September 2024, Frontier and Verizon entered into a merger agreement, whereby in Verizon would acquire Frontier in an all-cash transaction valued at USD 20 billion. Frontier stockholders will receive USD 38.50 per share in cash.
“Today’s vote demonstrates the strong value of the fiber business we have built over the past four years and our ability to expand access to reliable connectivity for more Americans,” said Nick Jeffery, President and Chief Executive Officer, Frontier. “We look forward to closing this transaction by the first quarter of 2026 and beginning to deliver our premium fiber offering to millions more customers across our combined network.”
In line with the Q3 2024 financial report, Chairman and CEO Hans Vestberg highlighted that the pending acqusition of Frontier is part of setting up Verizon for “disciplined growth, now and into the future.”
This acquisition aligns with the “favourable course” anticipated by industry investors to utilize Frontier’s assets. Since December 2023, Frontier Executive Chairman John Stratton has emphasized that the company is open for discussions of conducting a strategic review of the business and considering various options, which include joint ventures and a sale of certain assets.
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