Verizon will acquire Frontier for $38.50 a share in cash.
Verizon said on Thursday it would buy Frontier Communications in a deal valued at $20 billion, as the U.S. wireless carrier looks to boost its fiber network.
Shares of Frontier Communications (FYBR) jumped nearly 40% on Wednesday after The Wall Street Journal said the fiber network company was in talks about a possible sale to Verizon Communications (VZ).
An announcement that Verizon Communications is acquiring Frontier could come this week, according to the Wall Street Journal report.
Verizon is in advanced talks to acquire Frontier Communications in a deal that would boost its fiber network and help it compete with rivals including AT&T , the Wall Street Journal reported on Wednesday.
Verizon is in advanced talks to acquire Frontier Communications in a deal that would bolster the company's fiber network to compete with rivals including AT&T, according to people familiar with the matter.
FYBR's strong execution and growth outlook led to a reiterated buy rating. 2Q24 results beat estimates, with strong fiber growth momentum expected to continue. My valuation model suggests FYBR is worth $34.
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Frontier Group Holdings, Inc. (NASDAQ:ULCC ) Q2 2024 Earnings Conference Call August 8, 2024 12:00 PM ET Company Participants David Erdman - Senior Director, Investor Relations Barry Biffle - Chief Executive Officer Jimmy Dempsey - President Bobby Schroeter - Chief Commercial Officer Mark Mitchell - Chief Financial Officer Conference Call Participants John Dorsett - Barclays Michael Linenberg - Deutsche Bank Scott Group - Wolfe Research Savi Syth - Raymond James Duane Pfennigwerth - Evercore ISI Stephen Trent - Citi Conor Cunningham - Melius Research Tom Fitzgerald - TD Cowen Andrew Didora - Bank of America Operator Good day. Thank you for standing by.
While the top- and bottom-line numbers for Frontier Group (ULCC) give a sense of how the business performed in the quarter ended June 2024, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Frontier Group Holdings (ULCC) came out with quarterly earnings of $0.14 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.31 per share a year ago.
Frontier Group , the parent of budget carrier Frontier Airlines, beat Wall Street estimates for second-quarter profit on Thursday, and said it will defer taking deliveries of 54 Airbus jets.