Frontier Communications has agreed to buy Verizon Communications' wireline operations in California, Florida and Texas for $10.5 billion in cash, a deal that will double the regional carrier’s size.
The Verizon properties include 3.7 million voice connections, 2.2 million broadband connections, and 1.2 million FiOS video connections. The deal is expected to close in the first half of 2016.
"This transaction marks a natural evolution for our company and leverages our proven skills and established track record from previous integrations," said Frontier chairman and CEO Maggie Wilderotter in a statement. "These properties are a great fit for Frontier and will strengthen our presence in competitive suburban markets and accelerate our recent market share gains. We look forward to realizing the benefits this transaction will bring to our shareholders, customers and employees."