Frontier Communications stockholders approve Verizon’s merger bid

During a special meeting, 63% of Frontier stockholders voted to accept Verizon’s $20 billion acquisition offer, despite opposition from several hedge funds and recommendations by proxy advisors Institutional Shareholder Services (ISS) and Glass Lewis to abstain. The Frontier acquisition will provide Verizon with 2.2 million fiber subscribers, and a 25-million premises reach across 31 states and Washington, DC. 

In September, in response to the merger announcement, CWA President Claude Cummings Jr. stated that CWA will ensure that hardworking people, not just profits, are given due consideration in Verizon’s proposed acquisition. 

“Our members have built determination and grit into the broadband network Verizon proposes to buy. In 2018, our Frontier members in West Virginia and Ashburn, Virginia, went on strike to make sure that the company lived up to its responsibilities to its workers and to its customers,” said CWA President Calude Cummings Jr. “Our members have advocated for BEAD funding from the federal infrastructure bill, and stood together in solidarity to ensure that public dollars will fund high-quality fiber networks, built by experienced union technicians. Together, we will work to ensure that hardworking people, not just profits, are given their due consideration in Verizon’s proposed acquisition.”

The companies are in the beginning stages of seeking required regulatory approvals and anticipate closing the transaction in the first quarter of 2026. 

Links:

Ensuring people, not just profits, are part of the Verizon-Frontier deal (CWA, Sep. 7, 2024)

Frontier shareholders greenlight Verizon acquisition (LightReading, Nov. 13, 2024)

Verizon to acquire Frontier (Verizon, September 5, 2024)