Frontier Communications announced that it received confirmation that the California Public Utilities Commission will vote to approve Frontier’s purchase of all of Verizon’s operations in California. The deal includes wirelines, broadband and video, including Verizon’s FiOS network.
“With this final approval, we look forward to completing our transaction with Verizon which represents a significant transformation for Frontier,” Daniel J. McCarthy, President and CEO of Frontier Communications said in a statement. “We will transition our revenue to a more diversified mix, improve our growth prospects, create sustainable value for our shareholders and provide a great experience for our new Frontier customers in California, Florida and Texas.”
Frontier has received all other necessary regulatory clearances, including those from the Federal Communications Commission, the U.S. Department of Justice and the Public Utility Commission of Texas, for the $10.54 billion acquisition, which includes Verizon’s wireline, broadband and video operations and FiOS networks in California, Florida and Texas. The transaction is expected to close at the end of March 2016.