Verizon Landline Assets Sold to Frontier in Multi-Billion Dollar Deal
February 5, 2014
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.
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