|[August 12, 2014]
Frontier Communications Reaches Acquisition-Related Agreement with Connecticut Attorney General and Office of Consumer Counsel
STAMFORD, Conn. --(Business Wire)--
Frontier Communications Corporation (NASDAQ:FTR) has reached an
agreement with the Connecticut Attorney General and the Office of
Consumer Counsel (OCC) that will guarantee customer and community
benefits resulting from Frontier's proposed acquisition of AT&T's (News - Alert)
incumbent local exchange operations and statewide fiber network that
provides services to residential, commercial and wholesale customers in
Connecticut. As part of the transaction, Frontier will also acquire
AT&T's U-verse video and satellite TV operations in Connecticut.
"We are pleased to have reached this settlement agreement with the
Attorney General's Office and the OCC," said Paul Quick, Senior Vice
President and General Manager for Frontier Connecticut. "The agreement
will provide tangible benefits for Connecticut customers and communities
and moves us closer to serving customers in the state that has been home
to our corporate headquarters since 1946," noted Quick.
Highlights of the agreement state that for a period of not less than 36
months after the closing of the transaction (i) there will be no
increases in the basic primary residential rate in effect for
transferred exchanges as of the closing date; and (ii) where available,
Frontier has agreed to offer its basic broadband and stand-alone basic
broadband product at or below Frontier's current prics.
In addition, Frontier has committed to incremental capital investments
totaling $63 million over 2015, 2016 and 2017 to expand and improve
broadband in Connecticut. Frontier will also accelerate its inspection
of the outside plant it is acquiring, including telephone poles, to
ensure the reliability and robustness of the facilities. Frontier has
also agreed to a number of important measures aimed at simplifying and
improving telephone pole administration within its Connecticut footprint.
A key component of its agreement with the Attorney General and the OCC
builds on Frontier's existing support of veterans' programs. Frontier
has committed to reach out to Connecticut's veteran population through
targeted job fairs and to collaborate with the Department of Veteran
Affairs (VA) to improve the adoption and use of the VA's MyHealtheVet
and home Telehealth. Frontier will also work with the Attorney General
and the OCC to identify and implement ways to reach eligible low-income
veterans to provide them with subsidized broadband service.
Frontier will also become an active participant in Connecticut's
charitable community. The company is already a 2014 Platinum Sponsor of
the Connecticut Open Presented by United Technologies and the
UCONN Athletics' Football and Men's and Women's Basketball programs.
The full agreement must be approved by the Connecticut Public Utilities
Regulatory Authority (PURA). Please
click here to view the Settlement Agreement.
About Frontier Communications
Frontier Communications Corporation (NASDAQ:FTR) offers broadband,
voice, satellite video, wireless Internet data access, data security
solutions, bundled offerings, specialized bundles for residential
customers, small businesses and home offices and advanced communications
for medium and large businesses in 27 states. Frontier's approximately
13,900 employees are based entirely in the United States. More
information is available at www.frontier.com.
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