Frontier to buy Verizon lines for $8.5 billion - NYTimes.com
May 13, 2009
Verizon Communications on Wednesday took another step away from its century-old heritage as a company that provides telephone service over copper wires. It agreed to sell divisions that offer service to 4.8 million phone lines in 14 states to Frontier Communications for $3.3 billion in cash and $5.2 billion in Frontier stock.
The deal will triple the size of Frontier, a collection of rural phone companies that is based in Stamford, Conn. Verizon will wind up owning at least two-thirds of Frontier’s shares, in a tax-free spinoff...
Verizon Communications on Wednesday took another step away from its century-old heritage as a company that provides telephone service over copper wires. It agreed to sell divisions that offer service to 4.8 million phone lines in 14 states to Frontier Communications for $3.3 billion in cash and $5.2 billion in Frontier stock.
The deal will triple the size of Frontier, a collection of rural phone companies that is based in Stamford, Conn. Verizon will wind up owning at least two-thirds of Frontier’s shares, in a tax-free spinoff...
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