Verizon Communications Inc. announced a $20 billion deal to acquire Frontier Communications, with the telecommunications giant aiming to expand its fiber network and strengthen its position in emerging technologies like artificial intelligence and the Internet of Things. The transaction, disclosed Thursday, assigns an enterprise value of $20 billion to Frontier and is expected to close in about 18 months.
Verizon $20B Frontier Takeover : Key Legal Advisors Involved
Debevoise & Plimpton LLP is representing Verizon in the deal, while Cravath Swaine & Moore LLP is advising Frontier Communications. Paul Weiss Rifkind Wharton & Garrison LLP provided guidance to the strategic review committee of Frontier’s board, ensuring the deal aligned with the company’s long-term goals.
Strategic Expansion of Verizon’s Fiber Footprint
Verizon’s CEO, Hans Vestberg, emphasized the strategic fit of the acquisition, noting that the deal would significantly enhance Verizon’s fiber capabilities. “The acquisition of Frontier is a strategic fit. It will build on Verizon’s two decades of leadership at the forefront of fiber and is an opportunity to become more competitive in more markets throughout the United States, enhancing our ability to deliver premium offerings to millions more customers across a combined fiber network,” Vestberg said.
