Frontier Communications Receives Final Regulatory Approval in California to Acquire Verizon Operations
December 03 2015 - 1:46PM
Business Wire
California Public Utilities Commission
Approves Acquisition
Transaction Expected to Close at End of
March 2016
Frontier Communications Corporation (NASDAQ: FTR) announced
today that the California Public Utilities Commission (CPUC)
unanimously voted to approve Frontier’s proposed acquisition of
Verizon's wireline, broadband and video operation in California,
including the FiOS® network.
Frontier has received all other necessary regulatory clearances,
including those from the Federal Communications Commission, the
U.S. Department of Justice and the Public Utility Commission of
Texas, for the $10.54 billion acquisition, which includes Verizon’s
wireline, broadband and video operations and FiOS networks in
California, Florida and Texas. The transaction is expected to close
at the end of March 2016.
Daniel J. McCarthy, President and CEO of Frontier Communications
said, “With this final approval, we look forward to completing our
transaction with Verizon which represents a significant
transformation for Frontier. We will transition our revenue to a
more diversified mix, improve our growth prospects, create
sustainable value for our shareholders and provide a great
experience for our new Frontier customers in California, Florida
and Texas.”
Kathleen Abernathy, Executive Vice President, External Affairs
for Frontier said, “We are very pleased the full CPUC approved the
acquisition and our settlements with various parties to the
proceeding. The CPUC process leading to today’s approval informed
the settlement negotiations and provided a forum for input from
consumers across the state. We welcome the opportunity to expand
our business in California.”
To learn more, visit http://www.meetfrontier.com
Forward-Looking Statements
This document contains "forward-looking statements," related to
future, not past, events. Forward-looking statements address our
expected future business and financial performance and financial
condition, and contain words such as "expect," "anticipate,"
"intend," "plan," "believe," "seek," "see," "will," "would," or
"target." Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. These risks and
uncertainties include, but are not limited to: Frontier’s ability
to complete the acquisition of Verizon’s California, Florida and
Texas wireline operations, including the ability to complete the
financing of the acquisition; the ability to successfully integrate
the acquired operations into Frontier’s existing operations; the
sufficiency of the assets to be acquired from Verizon to enable the
combined company to operate the acquired business; the ability to
enter into or obtain, or delays in entering into or obtaining,
certain agreements and consents necessary to operate the acquired
business as planned; and the other factors that are described in
our filings with the U.S. Securities and Exchange Commission,
including our reports on Forms 10-K and 10-Q. These risks and
uncertainties may cause our actual future results to be materially
different than those expressed in our forward-looking statements.
We do not undertake to update or revise these forward-looking
statements.
About Frontier Communications
Frontier Communications Corporation (NASDAQ:FTR) offers
broadband, voice, video, wireless Internet data access, data
security solutions, bundled offerings and specialized bundles for
residential customers, small businesses and home offices, and
advanced communications for medium and large businesses in 28
states. Frontier’s approximately 18,600 employees are based
entirely in the United States. More information is available at
www.frontier.com.
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version on businesswire.com: http://www.businesswire.com/news/home/20151203006194/en/
Frontier Communications CorporationMedia:Steve Crosby,
916-206-8198Senior Vice President, Regulatory & Legislative
Affairssteven.crosby@ftr.comorInvestors:Luke Szymczak,
203-614-5044Vice President, Investor
Relationsluke.szymczak@ftr.com
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