Mergers and Acquistions News
Categories: Telecoms
May 15th 2009, 13:35PM
US-based telecoms provider Verizon has announced plans to divest its local wireline operations serving residential and small-business customers in rural areas.
In a transaction which is expected to provide a total return of $8.6 billion (£5.6 billion) to Verizon and its shareholders, Frontier Communications will acquire Verizon's operations in 14 states.
The move is part of Verizon's efforts to transform its growth profile and asset base around the fastest-growing parts of its business: wireless, fibre-based wireline and global IP networks.
"We expect that this transaction will benefit customers, employees and shareholders," commented Verizon's chairman and chief executive officer Ivan Seidenberg.
He added: "We believe our focus on reshaping our asset base will drive higher growth over time and improve long-term returns."
Verizon's vice-president for operations, Tracey Edwards, was recently honoured by Long Island Business News as one of six women inducted into the publication's Hall of Fame of the island's most influential women.
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