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.