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Frontier closes $5.3B deal for Verizon phone lines

Thu, 07/01/2010 - 8:00am
The Associated Press

STAMFORD, Conn. (AP) – Frontier Communications closed its $5.3 billion acquisition of phone lines in 14 states belonging to Verizon Communications, the company said Thursday.

Frontier, a service provide based in Stamford, Conn., that focuses on small towns and rural areas, is taking over Verizon phone lines in a deal that will triple its size and provide service to 4 million residences and businesses.

The acquisition was announced just over a year ago. Frontier agreed to pay roughly $5.3 billion in stock and take on roughly $3.3 billion of debt.

Shares of Frontier Communications rose 9 cents, or 1.3 percent, to $7.20 in afternoon trading, while Verizon shares were down 22 cents to $27.81.

More Broadband Direct 7/01/10:

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•  Comcast adds AnyRoom DVR in Ore., parts of Wash.
•  Cox replacing Rooney as CMO as reorg marches on
•  Clearwire's expansion of WiMAX continues
•  Sprout blossoms on Charter's VOD tier; linear to follow
•  DirecTV, Panasonic add 3-D channels
•  FCC: What data should we collect?
•  Frontier closes $5.3B deal for Verizon phone lines
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