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The transaction, announced in May 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 and broadband video.
Frontier has also received approvals from the California Public Utilities Commission (PUC), the Public Service Commission of South Carolina, and 10 of the 41 FiOS video franchise communities the company will serve in Washington state and Oregon. In September 2009, the transaction received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
In addition to the remaining local franchise approvals and the approvals of six other states, the Federal Communications Commission (FCC) must approve certain license transfers as well. The FCC review is in process. The transaction is still expected to close during the second quarter of 2010.
Maggie Wilderotter, chairman and CEO of Frontier Communications, said: "We are very pleased with obtaining these key approvals. 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."
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