Verizon Communications, Friday announced the completion of its sale of local landline assets, operations and businesses in California, Florida and Texas to Frontier Communications. Frontier will now own and operate these landline businesses, which include broadband, video, voice and Fios operations in the three states.
Verizon is using the proceeds of the transaction to pay down its debt and allow itself to further strengthen and extend its industry leadership position in the U.S. wireless market.
The transaction which is valued at approximately $10.5 billion, however does not include the services, offerings or assets of other Verizon businesses such as Verizon Wireless and Verizon Enterprise Solutions. Approximately 9,400 Verizon employees who served customers in California, Florida and Texas are continuing their employment with Frontier.
