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Bond Market News
Verizon to Buy Frontier for $20bn to Boost Network
September 6, 2024
Verizon has agreed to buy Frontier Communications in an all-cash deal worth $20bn. Verizon has offered $38.5/share, a premium of 37.3% to Frontier’s closing share price on September 3, a day before reports of the acquisition emerged. Reuters notes that the deal may help Verizon better compete against rivals like AT&T and T-Mobile amid doubling down on unlimited plans and bundling options. Frontier’s total debt of $11.25bn as of end-June, will be refinanced by Verizon as part of the deal. Verizon CEO Hans Vestberg said, “The acquisition of Frontier is a strategic fit”.
Verizon bonds held steady with its 2030s yielding 4.4%.
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