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01/2026

Frontier Communications acquired by Verizon Communications

UNITED STATES Telecom / Operators EV 3b - 100b USD

Context

Verizon Communications (NYSE: VZ) completed the strategic acquisition of Frontier Communications (NASDAQ: FYBR), executing a statutory merger to integrate the target as a wholly owned subsidiary via France Merger Sub Inc. Under the terms of the definitive merger agreement, Frontier shareholders received an all-cash consideration of $38.50 per share. Concurrently with transaction close, Verizon retired substantial legacy debt facilities, including the full repayment of more than $1.02 billion outstanding under Frontier’s Amended and Restated Credit Agreement and over $1.09 billion under its Warehouse Credit Agreement, without incurring early prepayment penalties. The transaction faced public opposition from Glendon Capital Management LP, an institutional shareholder holding an approximate 10% equity stake in Frontier. Glendon formally challenged the transaction terms, arguing the agreed consideration failed to reflect the replacement value and long-term earnings power of Frontier's expanding fiber-to-the-home (FTTH) network when benchmarked against recent private market transactions, including Metronet and Lumos. Despite shareholder pushback, the merger secured the requisite approvals and closed, substantially scaling Verizon's broadband footprint by integrating Frontier’s 7.2 million fiber passings with its existing Fios network. Following completion, Frontier’s common stock was officially delisted from the Nasdaq Global Select Market.

Frontier Communications, which reported an EBITDA margin of in 2025, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

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Target

Located in Dallas, Texas, Frontier Communications Parent, Inc. operates as a specialized independent fiber builder and broadband operator within the United States telecommunications infrastructure market. Following its successful emergence from Chapter 11 restructuring proceedings in 2021, the entity systematically scaled its operational footprint to deploy advanced connectivity solutions. The core operational model focuses strictly on engineering and maintaining a massive physical network, currently encompassing approximately 7.2 million active fiber passings. Through this extensive structural architecture, the infrastructure provider addresses the critical connectivity requirements of residential and commercial end-users, aligning its deployment strategy with the targeted ambition of expanding its physical footprint to reach 10 million total locations. Beyond its primary fiber expansion initiatives, the telecommunications operator continues to manage a legacy portfolio of copper network assets structurally integrated into its broader infrastructure base. By centralizing its strategic network planning from its Texan headquarters, the company continuously coordinates capital-intensive infrastructure build-outs.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2025
2024

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REFERENCES

Valuation range: EV 3b - 100b USD

Revenue range: 5b - 100b USD

EBITDA range: 1b - 3b USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Frontier Communications by Verizon Communications are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: frontier communications

Acquirer: verizon communications