Verizon to acquire Frontier in $20 billion deal to boost fiber network

Verizon has announced its acquisition of Frontier Communications in a $20 billion all-cash deal. The move aims to strengthen Verizon’s fiber network. Shares of Frontier Communications fell over 9% in premarket trading, while Verizon’s stocks rose by approximately 1%. The acquisition is expected to be finalized in around 18 months and will allow Verizon to compete better against AT&T and expand its premium broadband services. Verizon’s existing 7.4 million Fios connections will be combined with Frontier’s 2.2 million fiber subscribers in 25 states. The deal is projected to generate at least $500 million in annual cost synergies.