Frontier Gets OK To Buy Verizon Businesses For $8.5B

Law360, New York (October 27, 2009, 3:38 PM EDT) -- Frontier Communications Corp. has won shareholder approval to acquire Verizon Communications Inc.'s local exchange businesses in 14 states, as well as certain related customer relationships, for $5.2 billion in stock and $3.3 billion in cash.

Frontier will issue shares to Verizon stockholders equal to $5.2 billion, and Verizon will receive $3.3 billion in the form of a special cash payment, a Frontier representative said.

The deal is not expected to close until the second quarter, and the exact amount of shares of Frontier stock that will...
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