Verizon to acquire Frontier for $38.50/share cash in $20B deal, expands fiber network

VERIZON COMMUNICATIONS INC

All-cash acquisition valued at $20B enterprise value; $38.50 per share, 43.7% premium to Frontier's 90-day VWAP.
Verizon gains Frontier's 2.2M fiber subscribers and expands to 25M premises across 31 states and D.C.
Expects at least $500M in annual run-rate cost synergies by year three; accretive to revenue and EBITDA.
Transaction unanimously approved by both boards; expected to close in approx 18 months, subject to approvals.
Verizon reaffirms FY2024 guidance: wireless service revenue growth 2-3.5%, adj. EBITDA growth 1-3%, adj. EPS $4.50-4.70.

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