Verizon to Sell Landline Biz to Frontier for $10 Billion
Article Comments 5
Feb 5, 2015, 4:37 PM by Eric M. Zeman
updated Feb 5, 2015, 4:55 PM
Verizon Communications today confirmed plans to sell part of its wireline telephone and internet business to Frontier Communications for $10 billion. The deal covers Verizon's consumer and business assets in California, Florida, and Texas. Frontier will pay $9.9 billion in cash and assume another $600 million in debt. The deal is the largest ever for Frontier, though the proposal will require regulatory approval before it can be completed. Verizon also agreed to sell the rights to more than 11,300 of its cell towers to American Tower for $5 billion. American will purchase 165 towers outright. Verizon will lease space on the towers for a period of at least 10 years. Verizon is looking to strengthen its balance sheet after taking on debt to buy Vodafone's stake of Verizon Wireless and to purchase $10.3 billion worth of spectrum in the recent AWS-3 auction. Verizon also plans to buy back about $5 billion in stock. Together, the deals announced today will net Verizon about $15 billion. Verizon expects the tower sale to close during the second quarter of this year, but the asset sale to Frontier likely won't close for a full calendar year.
Wall Street Journal »
Feb 9, 2022
Samsung today announced its lineup of flagship phones for 2022: the Galaxy S22 series. The top-end S22 Ultra sees the biggest changes as it essentially absorbs Samsung's Note series with an integrated S Pen stylus and a more Note-like shape and design, instead of the Contour Cut design of the other models.
Mar 23, 2021
OnePlus today announced the OnePlus 9 and OnePlus 9 Pro, its newest flagship phones. The 9 Pro is a true flagship-class phone with a QHD AMOLED display with variable refresh from 1 to 120 Hz, and IP68 water rating, starting at $969.
Sep 7, 2022
Apple has revealed the iPhone 14 series, with new features, improved specs, and new size options. In place of a Mini option, the iPhone 14 will come in the same 6.1-inch and 6.7-inch screen size options as the Pro models.
Jan 14, 2021
Samsung today officially unveiled its Galaxy S21 series of flagship phones for 2021. All three models sport a distinctive new "Contour Cut Camera" design where the metal frame extends around one corner to surround the rear cameras.
A Convenient Way To Skirt FiOS Deployment
Frontier has continued with their str...