VERIZON IS BUYING FRONTIER IN $20B DEAL TO STRENGTHEN ITS FIBER NETWORK

Verizon is buying Frontier Communications in a $20 billion deal to strengthen its fiber network.

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Verizon Communications Inc. said Thursday that the acquisition will also shore up its foray into artificial intelligence as well as connected smart devices.

Frontier has concentrated heavily on its fiber network capabilities over about four years, investing $4.1 billion upgrading and expanding its fiber network. It now gets more than half of its revenue from fiber products.

The price tag for Frontier, based in Dallas, is sizeable given its 2.2 million fiber subscribers across 25 states. Verizon has approximately 7.4 million Fios connections in nine states and Washington, D.C.