Verizon: acquires Frontier and raises dividend

(CercleFinance.com) - Verizon Communications today announced that it has entered into a definitive agreement to acquire Frontier, the largest fiber-based Internet service provider in the US, in an all-cash transaction valued at $20bn.
NB: pmt -0.2%

This strategic acquisition will significantly expand Verizon's fiber footprint across the country, accelerating the delivery of superior mobile and broadband services to existing and new customers, the telecom operator said.

The transaction is expected to close in approximately 18 months, subject to certain regulatory approvals, and will be accretive to Verizon's revenue growth and adjusted EBITDA, and the company confirms its guidance for 2024.

The announcement comes on the heels of the company's Board of Directors' decision to increase its quarterly dividend by 1.25 cents per share to 67.75 cents per share, payable as from 1 November.

This is the 18th consecutive year that the Board has approved a dividend increase. Verizon paid nearly $5.6bn in cash dividends in H1 2024.


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