Frontier Communications Corporation (NASDAQ:FTR) and the International Brotherhood of Electrical Workers (IBEW) Local 543 said they have signed an agreement that will benefit IBEW-represented employees in California and Frontier´s future customers in the state.
The agreement is an important step forward in the process to complete Frontier´s planned USD10.54 Billion acquisition of Verizon´s wireline business and assets in California, Florida and Texas. The IBEW supports the proposed acquisition and believes it is in the public interest and the interest of its members. The acquisition is expected to close at the end of the first quarter 2016.
IBEW Local 543 represents approximately 200 Verizon workers in California; approximately 80,000 workers at private employers and public utilities in the state are represented by various IBEW locals. This agreement provides the IBEW Local 543-represented workforce at Verizon assurances for the acquisition and how it will affect them. It also includes operational benefits to allow Frontier to implement its local engagement model in the new California markets.
Frontier has agreed to honor and extend current collective bargaining agreements.
The agreement between Frontier and IBEW is contingent upon applicable state and local approvals and the consummation of the proposed transaction.
Frontier Communications offers broadband, voice, video, wireless Internet data access, data security solutions, bundled offerings, specialized bundles for residential customers, small businesses and home offices and advanced communications for medium and large businesses in 28 states. Frontier´s approximately 18,200 employees are based entirely in the United States.
The IBEW represents approximately 750,000 active members and retirees who work in a wide variety of fields, including utilities, construction, telecommunications, broadcasting, manufacturing, railroads and government. The IBEW has members in both the United States and Canada and stands out among the American unions in the AFL-CIO because it is among the largest and has members in so many skilled occupations.