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Verizon Acquires XO Comms’ Fiber-Optic Business For $1.8Bn

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Verizon Acquires XO Comms’ Fiber-Optic Business For $1.8Bn

The number one US wireless provider Verizon is all set to buy investor Carl Icahn-owned XO Communications’ fiber-optic network business for about $1.8 billion, announces the company. The deal is expected to get closed in the first half of 2017.

optic-fiber

Through the deal, Verizon would acquire XO’s fiber-based Internet protocol and Ethernet networks. This would boost its own networks and will help serve its enterprise and wholesale customers. It will also rent XO’s wireless spectrum and may buy it by the end of 2018.

Billionaire investor Carl Icahn, the investor and sole shareholder of XO holdings, is the Chairman of XO Communications. He started buying senior debt of XO in 2001 and helped the company to come out of bankruptcy in 2003.

Ria Lakshman. V is a lead news writer at The Telecom Times. She studied Journalism at Manipal School of Communication and proceeded to work in newspapers and magazines, with technology as her focus area. Passionate about Telecommunications sector, her move to 'The Telecom Times' was a natural choice. Alongside, she also writes for Telecom Talk, where she covers news and tech commentaries in the sector of telecom. In the free time, Ria loves to go camping, read books, or sketch illustrations. She also runs a local design studio and promotes eco-friendly crafts. Ria can be found sharing her knowledge and insights on Twitter.

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