NORWALK, Conn.-- Frontier CommunicationsCorporation (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
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 atwww.frontier.com.