VZ · 10-Q · 2026Q3 · Full report

Acquisition / Partnership / Divestiture

VERIZON COMMUNICATIONS INC · 2026-10-29 · Importance 65 · Surprise 60 · In source text

Verizon completed its Frontier acquisition on January 20, 2026, paying approximately $9.8 billion in cash, inclusive of $335 million of cash acquired, and assuming approximately $12.9 billion of Frontier debt at fair value. The transaction expanded Verizon’s fiber broadband footprint to 31 U.S. states and Washington, D.C. Verizon’s nine-month 2026 investing cash flows included $9.5 billion for acquisitions, net of cash acquired, including approximately $9.4 billion paid for Frontier, net of cash acquired. Frontier and Starry results were included from their respective January 2026 acquisition dates, and their combined operating revenues were less than 5% of total operating revenues for both the three- and nine-month periods ended September 30, 2026.

Key facts

• At the January 20, 2026 acquisition closing, Verizon paid approximately $9.8 billion in cash, inclusive of $335 million of cash acquired, and assumed approximately $12.9 billion of Frontier debt measured at fair value. source
• Verizon recorded acquisition and integration charges of $57 million in the three months and $453 million in the nine months ended September 30, 2026, inclusive of acquisition-related severance and primarily associated with Frontier. source
• Verizon completed its acquisition of Frontier in January 2026 and paid approximately $9.4 billion in cash at closing, net of cash acquired. source
• Verizon invested $9.5 billion in business acquisitions, net of cash acquired, during the nine months ended September 30, 2026. source
• Under the planned NewCo transaction, Verizon will contribute the equity interests of certain subsidiaries comprising the Verizon Contributed Business and pay NewCo $625 million, which NewCo will distribute to BT. source
• Verizon entered into an agreement on June 28, 2026, under which Verizon and BT will each acquire a 50% equity interest in NewCo. source
• On September 14, 2026, Verizon entered into definitive agreements with AT&T and T-Mobile to form a joint venture intended to end U.S. wireless dead zones and expand nationwide satellite coverage; Verizon expects to license intellectual property and provide access to certain spectrum licenses to satellite providers contracting with the venture. source
• Verizon recorded a $746 million pre-tax loss during the nine months ended September 30, 2026, when it classified the Verizon Contributed Business assets and liabilities as held for sale for the planned BT joint venture. source

Impact estimates