Frontier Communications has received a favourable proposed decision from the California Public Utilities Commission for its planned US$10.54bn acquisition of Verizon Communications’ wireline assets in California, Florida and Texas.
Frontier Communications (NASDAQ:FTR) has received a favourable proposed decision (PD) from the California Public Utilities Commission (CPUC) for its planned US$10.54bn acquisition of Verizon Communications’ (NYSE:VZ) wireline assets in California, Florida and Texas.
The CPUC is the final regulator Frontier needs to approve the deal – the Federal Communications Commission, Department of Justice and Texas Public Utilities Commission have already given the green light.
Frontier said in a statement today that the relevant parties will file comments on the PD by 20 November.
The company still expects the deal, announced in February, to close in Q1 next year.
Frontier external affairs chief Kathleen Abernathy said the company will continue to work through any remaining issues raised in the PD and address them in its comments.
“As we have publicly stated in all our filed testimony, we look forward to the opportunity to increase our presence in California and bring investment, jobs, and increased broadband availability to consumers across the state, in both urban and rural markets.”
In late September, Frontier issued US$6.6bn of senior unsecured notes to help fund the purchase. It has also inked a US$1.5bn senior secured five-year loan, with JP Morgan as lead-left bookrunner, and raised US$2.75bn in the equity market to help fund the deal.