announced its pending acquisition of Verizon Communications’ local wireline operations has received approvals from the California Public Utilities Commission, the Public Utilities Commission of Nevada, and the Public Service Commission of South Carolina. The transaction, announced May 13, 2009, includes Verizon’s local exchange businesses in 14 states, including parts of California, and certain customer relationships for long distance services, broadband Internet access and broadband video.
This week, on October 27, 2009, Frontier’s stockholders voted overwhelmingly to approve the merger agreement and related proposals.
Frontier has also received approvals from 10 of the 41 FiOS video franchise communities the company will serve in Washington state and Oregon. On September 1, 2009, the transaction received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
In addition to the remaining local franchise approvals and the approvals of six other states, the Federal Communications Commission (FCC) must approve certain license transfers as well. The FCC review is in process.
After the transaction, Frontier will have approximately 7 million access lines in 27 states, 8.6 million voice and broadband connections, and approximately 16,000 employees, based on data as of December 31, 2008. The transaction is still expected to close during the second quarter of 2010.