Verizon's Verizon's (NYSE: VZ) 14-state rural phone line sale will become official when it hands over its local wireline assets to Frontier (NYSE: FTR) on July 1. The record date to spin off its New Communications Holdings Inc., a subsidiary formed as part of Verizon's wireline asset sales to Frontier, will be June 7.
Under the terms of the agreement, New Communications will take over Verizon's wireline assets in 13 states--including Arizona, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina, Washington, West Virginia and Wisconsin--and in portions of California bordering Arizona, Nevada and Oregon.
When the spinoff is complete, New Communications will merge with Frontier. Verizon stockholders will then collectively own 66 to 71 percent of the shares, while Frontier stockholders will collectively own about 29 and 34 percent.
- see the release here
- CED via AP has this article
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