Debevoise & Plimpton LLP is serving as counsel to Verizon Communications Inc. in the sale of its local wireline operations serving customers in California, Florida and Texas to Frontier Communications Corporation. Frontier will pay Verizon approximately $10.54 billion (approximately $9.9 billion in cash, plus $600 million in assumed debt) for the business and related assets in these states.
The operations Frontier will acquire consist of all of Verizon's local wireline operating territories in California, Florida and Texas. At the end of fourth-quarter 2014, these operations served approximately 3.7 million voice connections; approximately 2.2 million high-speed data customers, including approximately 1.6 million FiOS Internet customers; and approximately 1.2 million FiOS Video customers.
The transaction includes Verizon's FiOS Internet and Video customers, switched and special access lines, as well as its high-speed Internet service and long-distance voice accounts in these three states. Frontier will continue to provide video services in these states after the completion of the transaction.
The Debevoise team is led by partners Jeffrey J. Rosen
and Michael A. Diz
, and includes partners David A. Brittenham
, Lawrence K. Cagney
and Peter A. Furci
, counsel Brandon C. Gruner, and associates Erin Cleary
, Jill Greenfield, Uri Herzberg
, Andrew G. Jamieson
, Steven Keslowitz, Scott B. Selinger
and Maxine Sharavsky.
Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. The firm’s commercially savvy lawyers regularly lead strategic transactions and complex disputes for world-class clients.