Verizon announced today that it is acquiring fiber network provider Frontier Communications in an all-cash transaction valued at $20 billion. Frontier—which emerged from bankruptcy in 2021—is the largest pure-play fiber internet provider in the U.S. and adding it to Verizon’s portfolio will significantly expand Verizon's fiber footprint across the nation, “accelerating the company’s delivery of premium mobility and broadband services to current and new customers” and “expand Verizon's intelligent edge network for digital innovations like AI and IoT,” Verizon said.
Verizon plans to integrate Frontier’s fiber network into Verizon's fiber and wireless assets, including its Fios network. Over approximately four years, Frontier has invested $4.1 billion upgrading and expanding its fiber network, and now derives more than 50% of its revenue from fiber products. Frontier’s 2.2 million fiber subscribers across 25 states will join Verizon’s approximately 7.4 million Fios connections in nine states and Washington, D.C. In addition to Frontier’s 7.2 million fiber locations, the company says it plans to build out an additional 2.8 million fiber locations by the end of 2026.
