Verizon to Handover Wireline Assets to Frontier July 1

Verizon Communications announced last week that it will officially handover its wireline assets in 13 states plus parts of California to Frontier on July 1.

The company said the record date for the planned spin-off of New Communications Holdings Inc., a subsidiary formed as part of the transaction, will be June 7.

New Communications is slated to takeover Verizon’s wireline assets in Arizona, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina, Washington, West Virginia, Wisconsin, and in portions of California bordering Arizona, Nevada and Oregon.

After the spinoff is complete, New Communications will merge with Frontier. Verizon stockholders will then collectively own 66%-71% of the shares, while Frontier stockholders will collectively own between 29%-34%.

The FCC approved the transaction last week.

For more, view Verizon’s press release.

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