Verizon said on Thursday that it had entered into a definitive agreement to acquire Frontier, a leading fiber internet provider, for $20 billion in cash.
Frontier is a nearly 90-year-old telecommunications company that filed for bankruptcy in 2020 after taking on billions of dollars in debt. Frontier exited bankruptcy in 2021 with a fiber focus, and after years of effort, and $4.1 billion in investments, it has grown its customer base to 2.2 million households in 25 states. The company plans to add 2.8 million new locations for fiber connections by the end of 2026.
Verizon decided to buy Frontier to become more competitive in the fiber internet market. As of
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