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Update: Frontier To Buy Rural Verizon Lines For $5.3B

By: Associated Press
By: Associated Press

Updated 05/13 11:48am

New York (AP) -- Verizon Communications Inc. says it has reached a deal to sell phone service areas outside its main northeastern and Californian territories for $5.3 billion in stock.

The sale announced Wednesday includes phone lines in West Virginia and Ohio along with a dozen other states, as well as some assets in border areas of California.

The buyer is Connecticut-based Frontier Communications Corp.

Frontier focuses on serving small towns and rural areas and will triple in size with the deal.

The deal continues Verizon's strategy of focusing on its core areas, where it is upgrading its phone lines to fiber optics.

Verizon says about 11,000 workers who support the local landlines will move to Frontier with union contracts intact.

(Copyright 2009 by the Associated Press. All rights reserved.)

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New York (AP) -- Verizon says it has reached a deal to shed its traditional telephone line business in Ohio and West Virginia along with 12 other states in a deal worth $8.6 billion.

Frontier Communications Corp., based in Stamford, Conn., will be taking over the Verizon Communications Inc. assets in an all-stock deal, the companies say.

The deal gives Frontier 4.8 million access lines to residential and small business customers and narrows Verizon's focus on wireless, broadband and internet service.

The deal includes all of Verizon's wireline assets in Arizona, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina, Washington and Wisconsin as well as some assets in California.

(Copyright 2009 by the Associated Press. All rights reserved.)


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