Verizon Communications Inc. (NYSE:VZ) Goldman Sachs Communacopia + Technology Conference September 9, 2024 11:50 AM ET
Company Participants
Hans Vestberg - CEO and Chairman
Conference Call Participants
Jim Schneider - Goldman Sachs
Jim Schneider
Okay, good morning, everybody. Welcome to the kick-off presentation of the Goldman Sachs Communacopia and Tech Conference. I'm Jim Schneider, I'm the telecom analyst here at Goldman Sachs. And it's my pleasure to welcome Verizon Communications and the CEO, Hans Vestberg, today. Thank you very much, Hans, for being here. We really appreciate it.
Hans Vestberg
Thank you for having me. Great to be here. It's early morning, West Coast.
Question-and-Answer Session
Q - Jim Schneider
It's true. It doesn't feel so early. So maybe just start with the headlines, Hans. Last week, you announced the acquisition of Frontier Communications for $20 billion. That's going to expand your fiber footprint to $30 million fiber passings by the time you plan to close the transaction in 2026. Very high level. Give us the strategic rationale for the transaction. How does it fit into your overall strategy and why this timing make sense for you today given you owned some of these assets previously?
Hans Vestberg
Yes. Let me start with a safe harbor. I might say something forward-looking, so you never know. When it comes to the Frontier, we announced that yesterday or Wednesday last week. When I think about the Frontier acquisition, I think there's a couple of things that are really soon. First of all, it's straight into our strategy. I mean, we build a network once we want to address as many profitable connections on top of one build of the network. So, of course, adding this is just adding more customers.
Secondly, it's increases our TAM. We can address more customers with our current strategy, which
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