United States: California, Nevada and South Carolina Approve Frontier s Acquisition of Verizon Wireline Operations in Those States.Byline: Mamta03 Frontier Communications Corporation announced today that its pending acquisition of Verizon Communications local wireline operations has received approvals from the California Public Utilities Commission The California Public Utilities Commission (CPUC; also often commonly referred to as simply the PUC) [1] is a state Public Utilities Commission which regulates privately-owned utilities in the state of California, including electric power, , the Public Utilities Commission of Nevada, and the Public Service Commission of South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . The transaction, announced May 13, 2009, includes Verizon s local exchange businesses in 14 states, including parts of California, and certain customer relationships for long distance services, broadband Internet access Broadband Internet access, often shortened to just "broadband", is high speed Internet access—typically contrasted with dial-up access over modem. Dial-up modems are generally only capable of a maximum bitrate of 56 kbit/s (kilobits per second) and require the full use of a and broadband video. This week, on October 27, 2009, Frontier s stockholders voted overwhelmingly to approve the merger agreement and related proposals. Frontier has also received approvals from 10 of the 41 FiOS video franchise communities the company will serve in Washington state and Oregon. On September 1, 2009, the transaction received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act The Hart-Scott-Rodino Antitrust Improvements Act of 1976 (Public Law 94-435, known commonly as the HSR Act) is a set of amendments to the antitrust laws of the United States, principally the Clayton Antitrust Act. The HSR Act was signed into law by President Gerald R. of 1976. In addition to the remaining local franchise approvals and the approvals of six other states, the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. (FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. ) must approve certain license transfers as well. The FCC review is in process. "We are very pleased with obtaining these key approvals, said Maggie Wilderotter, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Frontier Communications. "Upon receipt of the remaining approvals necessary for closing the transaction, Frontier will be ready to deliver terrific products and services to our new customers. The new Frontier will have a strong balance sheet enabling us to upgrade broadband in many of these communities and to deliver an excellent customer experience. Financially, the transaction will result in lower leverage, operating flexibility, and greater cash flow generation, all of which should enable Frontier to achieve an investment grade credit rating, she added. After the transaction, Frontier will have approximately 7 million access lines in 27 states, 8.6 million voice and broadband connections, and approximately 16,000 employees, based on data as of December 31, 2008. The transaction is still expected to close during the second quarter of 2010. Copyright : Euclid Infotech Pvt. Ltd. Provided by Syndigate.info an Albawaba.com company |
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