Frontier Shareholders Approve Sale, Verizon to Gain Millions of New Fiber Customers

Frontier has announced that its stockholders approved the acquisition by Verizon at its special meeting held on November 13, 2024. Despite recent pushback from investors, approximately 63% of stockholders voted in favor the merger agreement proposal, with ten of the company’s top 12 stockholders voting to approve it.

On September 5, Frontier and Verizon announced they had entered into a merger agreement, pursuant to which Verizon would acquire Frontier in an all-cash transaction. The transaction is expected to close by the first quarter of 2026, subject to receipt of certain regulatory approvals and other customary closing conditions.

Facing friction

Weeks ago, Reuters reported that some of Frontier’s shareholders were pushing back, showing concerns with the deal.

According to Reuters, the second-largest shareholder intended to vote against the deal, citing a too-low price-per-share. Other investors reportedly shared concerns that Frontier was being significantly undervalued in the terms of the deal.

Nevertheless, the deal has been approved by shareholders, though it now must gain regulatory approval.

“Today’s vote demonstrates the strong value of the fiber business we have built over the past four years and our ability to expand access to reliable connectivity for more Americans,” said Nick Jeffery, President and Chief Executive Officer, Frontier.

“We look forward to closing this transaction by the first quarter of 2026 and beginning to deliver our premium fiber offering to millions more customers across our combined network.”