Verizon has announced a significant move to acquire fiber internet provider Frontier in an all-cash transaction valued at $20 billion. According to Verizon’s press release, this acquisition is a strategic move that will boost Verizon’s fiber network across the United States, helping the company enhance its broadband and mobility services for both existing and new customers.

This deal also marks a possible reunion of Verizon with its former Fios subscribers. Back in 2015, Verizon sold part of its wireline operations, including Fios fiber internet, to Frontier for $10.5 billion. Now, Verizon is poised to reclaim some of that business. Frontier’s current 2.2 million fiber subscribers across 25 states will soon join Verizon’s 7.4 million Fios customers across nine states. Additionally, Frontier has 7.2 million fiber locations, with plans to add 2.8 million more by 2026.

Verizon CEO Hans Vestberg described the acquisition as a "strategic fit," noting that it will strengthen the company’s fiber leadership and competitiveness across various markets in the U.S. This move comes at an opportune time as Verizon looks to re-enter the fiber internet landscape, a sector that AT&T and T-Mobile have also been expanding into.

If regulatory approvals go through, the deal is expected to close within the next 18 months, potentially reshaping the competitive landscape for fiber internet in the U.S.