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Investing.com - The Federal Communications Commission’s Wireline Competition Bureau has given the green light to Verizon Communications Inc (NYSE:VZ). for its proposed $20 billion acquisition of Frontier Communications (OTC:FTRCQ). The approval, announced today, comes after the FCC (BME:FCC) reviewed a series of applications for the transfer of licenses and authorizations.
FCC Chairman Carr underscored the benefits of the deal, stating it would trigger substantial infrastructure investment across the United States, including rural areas. The transaction is set to expedite the shift from outdated copper networks to advanced, high-speed systems, which will be a boon for communities and the workforce involved in network construction and maintenance.
The acquisition enables Verizon to enhance and extend the network previously operated by Frontier in 25 states, with plans to introduce fiber-optic technology to more locations. Verizon aims to extend fiber connections to at least 1 million American homes each year following the merger, replacing the legacy copper lines.
In addition to network upgrades, Verizon has pledged to terminate discriminatory DEI (Diversity, Equity, and Inclusion) policies, aligning with FCC regulations and reinforcing its commitment to equal opportunity and non-discrimination. This move is intended to ensure that the merged entity’s practices are lawful and serve the public interest.
The approval also signifies progress for American workers. Verizon has made commitments after discussions with NATE: The Communications Infrastructure Contractors Association, which are expected to alleviate burdens on telecom and tower crews, create quality jobs, and enhance safety standards. These commitments are seen as steps to foster a robust wireless industry, backed by companies that both build and operate networks.
This development is a significant move in the telecommunications sector, with Verizon set to expand its footprint and infrastructure capabilities. The FCC’s approval is based on the expectation that the acquisition will deliver widespread benefits, from infrastructure improvements to job creation and adherence to legal standards in business operations.
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