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Frontier Communications (FTR) |
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WIKI ANALYSIS
Citizen Communications changed its name to Frontier Communications
Citizens Communications Company (CZN) is a Stamford, Connecticut-based telecommunications service provider operating both as an incumbent local exchange carrier (ILEC) and a competitive local exchange carrier (CLEC). The company's ILEC operations are provided under the Frontier brand (Citizens acquired Frontier Communications from Global Crossing in June 2001) and span 24 states, serving approximately 2.4 million rural and suburban customers. CZN also operated as a competitive local exchange carrier (CLEC), providing communications services to business customers and other telecom carriers in certain metropolitan areas, under the Electric Lightwave brand name. However, on August 1, 2006, CZN sold Electric Lightwave ("ELI") to Integra Telecom Holdings, Inc. The company previously operated as a multi-service public utility, distributing natural gas and electricity in Vermont, Hawaii, and Arizona. Management completed the sale of most of its electric and gas operations in 2004.
On March 8, CZN completed the acquisition of Commonwealth Telephone Enterprises Inc. (CTCO) for approximately $1.29 billion. This follows details provided in September 2006 that Citizens Communications Co (CZN) will acquire one share of CTCO for $31.31 in cash and 0.768 share of Citizens' common stock. The offer represented a 17% premium over Commonwealth's closing share price of $35.60 on September 8, 2006.
CZN was renamed Frontier Communications Corporation (FTR) on July 30, 2008.
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