{"id":50422,"date":"2024-09-05T10:10:35","date_gmt":"2024-09-05T14:10:35","guid":{"rendered":"https:\/\/www.businessupturn.com\/usa\/?p=50422"},"modified":"2024-09-05T10:10:35","modified_gmt":"2024-09-05T14:10:35","slug":"frontier-communications-shares-drop-10-following-verizons-20-billion-acquisition-announcement","status":"publish","type":"post","link":"https:\/\/www.businessupturn.com\/usa\/frontier-communications-shares-drop-10-following-verizons-20-billion-acquisition-announcement\/50422\/","title":{"rendered":"Frontier Communications shares drop 10% following Verizon\u2019s $20 billion acquisition announcement"},"content":{"rendered":"

Shares of Frontier Communications tumbled 10% in trading after Verizon Communications revealed plans to acquire the fiber network company for $20 billion in cash. The deal, which will see Verizon pay $38.50 per share\u2014a 44% premium over Frontier\u2019s 90-day volume-weighted average\u2014aims to significantly expand Verizon\u2019s fiber network and enhance its competitive edge across more U.S. markets.<\/p>\n

Verizon\u2019s Chairman and CEO, Hans Vestberg, described the acquisition as a \u201cstrategic fit,\u201d highlighting how it builds on Verizon\u2019s two decades of fiber leadership. The company expects the deal to boost revenue and adjusted EBITDA growth once finalized.<\/p>\n

The acquisition has been unanimously approved by the boards of both companies and is expected to close within the next 18 months, pending approval from Frontier\u2019s shareholders and regulators. Despite the acquisition offer, Frontier\u2019s stock surged 38% on Wednesday, closing at $38.68\u2014slightly higher than Verizon\u2019s offer price. Meanwhile, Verizon shares climbed 1% ahead of Thursday\u2019s market opening, reflecting optimism surrounding the strategic move.<\/p>\n

Currently as of 10:10 am the shares were trading 9.41% lower at $35.04<\/p>\n

\n
\n
\n
<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Shares of Frontier Communications tumbled 10% in trading after Verizon Communications revealed plans to acquire the fiber network company for\u2026<\/p>\n","protected":false},"author":432,"featured_media":50423,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[73],"tags":[16457],"class_list":["post-50422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-us-markets","tag-frontier-communications"],"reading_time":"1 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/50422","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/432"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=50422"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/50422\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/50423"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=50422"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=50422"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=50422"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}