Verizon to buy Frontier in $ 20 billion deal to boost fibre network

Verizon said on Thursday it would buy Frontier Commu­n­i­cations in an all-cash deal worth $20 billion, as the US wireless carrier looks to expand its fibre network.

Verizon has offered $38.50 per share, a premium of 37.3 per cent to Frontier’s closing price on September 3, a day before reports of a potential acquisition emer­ged. As of June 30, Frontier had a total debt of $11.25 billion.