Federal Communications Commission Approves Frontier Communications' Acquisition of Verizon’s Wireline Operations in Califor...
September 02 2015 - 5:45PM
Business Wire
Thousands of Customers Can Expect Broadband
as a Result of the Transaction
Frontier Communications (NASDAQ:FTR) applauded today’s decision
by the Federal Communications Commission (FCC) approving its
proposed acquisition of Verizon's wireline, broadband and video
operations, including the FiOS® network, in California, Florida and
Texas. The company is currently also seeking approval from the
California Public Utilities Commission and the Public Utilities
Commission of Texas, and has received Hart-Scott-Rodino federal
antitrust clearance. Pending commission approval in Texas and
California, the company expects to close the transaction at the end
of the first quarter of 2016.
Daniel J. McCarthy, Frontier's President and Chief Executive
Officer said, “We are pleased the FCC moved swiftly and smartly to
approve this acquisition, releasing an Order in advance of the
FCC's internal deadline for review of such transactions. The FCC
views this transaction as being in the public interest and
benefiting customers in the three acquired states. We agree, and
believe it will further benefit those across the rest of the
Frontier footprint as well. By doubling our size, we will add scale
and scope to our operations, strengthen our product and service
offerings, and improve the customer experience. We look forward to
demonstrating our commitment to broadband investment and deployment
in California, Florida and Texas. Soon, consumers and businesses in
these states will benefit from our extensive experience, our
high-touch local engagement management model, the focused use of
the fiber-rich network, and our active involvement in the
communities we serve.” McCarthy added, “Our goal is to deliver the
life-changing benefits of broadband to an additional 750,000
households at speeds of 25Mbps/2-3Mbps across the entire Frontier
multi-state footprint, including California, Florida and Texas, by
the end of 2020.”
Frontier will offer California, Florida and Texas customers the
company's full portfolio of products and services, including
broadband services, wireline local and long distance phone service,
video viewing options, and innovative products and services such as
Frontier Secure, an industry-leading digital security offering that
provides customers with top-rated online computer and personal
identification protection and 24/7 premium technical support as
well as hard drive backup. FiOS customers in these markets will
continue to receive the same products and services they have come
to enjoy under the FiOS brand name.
About Frontier Communications
Frontier Communications Corporation (NASDAQ:FTR) offers
broadband, voice, video, wireless Internet data access, data
security solutions, bundled offerings, specialized bundles for
residential customers, small businesses and home offices and
advanced communications for medium and large businesses in 28
states. Frontier's approximately 18,200 employees are based
entirely in the United States. More information is available
at www.frontier.com.
Forward-Looking Statements
This document contains "forward-looking statements," related to
future, not past, events. Forward-looking statements address our
expected future business and financial performance and financial
condition, and contain words such as "expect," "anticipate,"
"intend," "plan," "believe," "seek," "see," "will," "would," or
"target." Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. These risks and
uncertainties include, but are not limited to: Frontier’s ability
to complete the acquisition of Verizon’s California, Florida and
Texas wireline operations, including the ability to complete the
financing of the acquisition; the ability to successfully integrate
the acquired operations into Frontier’s existing operations; the
sufficiency of the assets to be acquired from Verizon to enable the
combined company to operate the acquired business; the ability to
enter into or obtain, or delays in entering into or obtaining,
certain agreements and consents necessary to operate the acquired
business as planned; the ability to obtain, delays in obtaining or
adverse conditions contained in any required regulatory approvals
for the Verizon transaction; and the other factors that are
described in our filings with the U.S. Securities and Exchange
Commission, including our reports on Forms 10-K and 10-Q. These
risks and uncertainties may cause our actual future results to be
materially different than those expressed in our forward-looking
statements. We do not undertake to update or revise these
forward-looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20150902006489/en/
Frontier CommunicationsInvestorLuke Szymczak, 203-614-5044Vice
President, Investor Relationsluke.szymczak@ftr.comorMediaSteve Crosby, 916-206-8198SVP,
External Affairssteven.crosby@ftr.com
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