November 9, 2015
Full California Public Utilities Commission Expected to Vote on
the Final Order by End of Year
NORWALK, Conn.--(BUSINESS WIRE)--
Frontier CommunicationsCorporation (NASDAQ: FTR) announced that
on Friday, November 6, 2015 Administrative Law Judge Karl J. Bemesderfer
with the California Public Utilities Commission (CPUC) issued a
favorable Proposed Decision (PD) proposing approval of Frontier's
proposed acquisition of Verizon's local wireline, broadband and video
operations, including the FiOS network. The company has already received
all other necessary regulatory approvals, including from the Federal
Communications Commission (FCC) and the Justice Department. Frontier
Communications along with other parties will be filing comments on the
PD by November 20, 2015. Pending final CPUC approval in California,
Frontier expects to close the transaction at the end of the first
quarter of 2016.
Kathleen Abernathy, EVP, External Affairs, Frontier Communications said,
'We are pleased that the PD finds that our proposed settlements with the
Office of Ratepayer Advocates (ORA), TURN and Center for Accessible
Technology, California Emerging Technology Fund, Greenlining, and others
address the public interest requirements to be considered by the
Commission. The Public Participation Hearings conducted this summer by
Commissioner Catherine Sandoval and Judge Bemesderfer informed these
agreements and contributed to the settlements. We will continue to work
through any remaining issues raised in the PD and address them in our
comments, which are due in a few weeks. As we have publicly stated in
all our filed testimony, we look forward to the opportunity to increase
our presence in California and bring investment, jobs, and increased
broadband availability to consumers across the state, in both urban and
rural markets.'
Abernathy went on to say, 'If this transaction is ultimately approved by
the full CPUC and the Transaction closes, California will benefit from
millions of dollars of investment throughout the state, especially in
unserved rural areas. Frontier is excited to bring our high-touch local
engagement management model as well as our active involvement in the
communities we serve to the cities that are part of this transaction.'
The full CPUC is expected to vote on the PD by the end of the year which
follows the original schedule set out by Commissioner Sandoval and
Administrative Law Judge Bemesderfer.
Forward-Looking Statements
This document contains 'forward-looking statements,' related to future,
not past, events. Forward-looking statements address our expected future
business and financial performance and financial condition, and contain
words such as 'expect,' 'anticipate,' 'intend,' 'plan,' 'believe,'
'seek,' 'see,' 'will,' 'would,' or 'target.' Forward-looking statements
by their nature address matters that are, to different degrees,
uncertain. These risks and uncertainties include, but are not limited
to: Frontier's ability to complete the acquisition of Verizon's
California, Florida and Texas wireline operations, including the ability
to complete the financing of the acquisition; the ability to
successfully integrate the acquired operations into Frontier's existing
operations; the sufficiency of the assets to be acquired from Verizon to
enable the combined company to operate the acquired business; the
ability to enter into or obtain, or delays in entering into or
obtaining, certain agreements and consents necessary to operate the
acquired business as planned; the ability to obtain, delays in obtaining
or adverse conditions contained in any required regulatory approvals for
the Verizon transaction; and the other factors that are described in our
filings with the U.S. Securities and Exchange Commission, including our
reports on Forms 10-K and 10-Q. These risks and uncertainties may cause
our actual future results to be materially different than those
expressed in our forward-looking statements. We do not undertake to
update or revise these forward-looking statements.
About Frontier Communications
Frontier Communications Corporation (NASDAQ:FTR) offers broadband,
voice, video, wireless Internet data access, data security solutions,
bundled offerings and specialized bundles for residential customers,
small businesses and home offices, and advanced communications for
medium and large businesses in 28 states. Frontier's approximately
18,600 employees are based entirely in the United States. More
information is available at www.frontier.com.
View source version on businesswire.com : http://www.businesswire.com/news/home/20151109005849/en/
Frontier Communications Corporation
Steve Crosby, 916-206-8198
Senior
Vice President, Regulatory & Legislative
Steven.Crosby@ftr.com
Source: Frontier Communications Corporation
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