Verizon’s $9.6 Billion Bid for Frontier Expands Broadband

(Bloomberg) — Verizon Communications Inc., the largest US phone company, agreed to buy rival telecommunications operator Frontier Communications Parent Inc. for about $9.59 billion to expand its high-speed internet business.

Frontier’s investors will get $38.50 a share, a 37% premium to the closing price on Tuesday, the day before news of a pending deal came out, Verizon said in a statement on Thursday. The transaction values the Dallas-based company at $20 billion including debt.