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Verizon | DEFA14A: Others

SEC ·  Sep 10 05:26
Summary by Futu AI
On September 9, 2024, Verizon Communications Inc. announced its acquisition of Frontier Communications for $20 billion, a move that will expand Verizon's fiber footprint to nearly 30 million passings upon the transaction's expected closure in 2026. The announcement was made by Verizon's Chairman and CEO, Hans Vestberg, at the Goldman Sachs Communacopia and Technology Conference. The acquisition aligns with Verizon's strategy to build a network that can serve multiple profitable connections and increase its total addressable market. Despite the acquisition, Verizon remains committed to its fixed wireless strategy, which has seen significant customer satisfaction and growth. The deal is anticipated to be accretive from day one in terms of revenue growth and EBITDA, with EPS and cash flow accretion following shortly. The transaction is subject to regulatory approvals and Frontier stockholder approval. Verizon and Frontier will file relevant documents with the SEC, including a proxy statement for Frontier stockholders to vote on the transaction.
On September 9, 2024, Verizon Communications Inc. announced its acquisition of Frontier Communications for $20 billion, a move that will expand Verizon's fiber footprint to nearly 30 million passings upon the transaction's expected closure in 2026. The announcement was made by Verizon's Chairman and CEO, Hans Vestberg, at the Goldman Sachs Communacopia and Technology Conference. The acquisition aligns with Verizon's strategy to build a network that can serve multiple profitable connections and increase its total addressable market. Despite the acquisition, Verizon remains committed to its fixed wireless strategy, which has seen significant customer satisfaction and growth. The deal is anticipated to be accretive from day one in terms of revenue growth and EBITDA, with EPS and cash flow accretion following shortly. The transaction is subject to regulatory approvals and Frontier stockholder approval. Verizon and Frontier will file relevant documents with the SEC, including a proxy statement for Frontier stockholders to vote on the transaction.
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