Verizon Landline Assets Sold to Frontier in Multi-Billion Dollar Deal

February 5, 2014

Verizon Sells to Frontier

Today, Verizon Communications Inc. announced that they will be selling their landline assets to Frontier Communications Corp. for $10.5 billion. In another deal also disclosed today, they agreed to lease 11,300 their cellular towers to American Tower Corp., who will also purchase about 165 Verizon towers, for a total upfront payment of approximately $5 billion.

As part of the deal, Verizon stated about 11,000 employees will move to Frontier.

For the whole article from Bloomberg, please Click Here

As this news relates to Verizon employees, we are monitoring the situation closely and will continue to provide updates pertaining to the pension plan and 401(k). At this time we caution you towards taking any premature action as it relates to your employment and/or retirement planning until all information is made available.

As retirement planning specialists for communication company employees, we remain available to assist you in any way we can. If you would like to review your retirement planning needs with one of our financial advisors, we are happy to schedule a complimentary appointment. We may be reached toll-free at (877) 692-6800, or via the form below:

[contact-form-7 404 "Not Found"]

 

 

Photo credit: Mike Mozart via Flickr, creative commons.