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Frontier Communications has appointed a specialist in mergers and acquisitions to their board of directors.
A “comprehensive review process” of potential opportunities to unlock shareholder value is underway at Frontier Communications, which recently announced the expansion of their board of directors.
The changes at the company were announced with the appointment of Woody Young, the former chairman of mergers and acquisitions at Perella Weinberg Partners.
According to Frontier’s announcement, Young was in charge of the telecommunications and media advisory businesses at Parella Weinberg Partners and also served as a co-head of global telecommunications, media, and technology at Lazard.
John Stratton, the executive chairman of Frontier’s board, said Young brings decades of experience “as an investment banker in the telecom industry, as well as deep operational and financial expertise.”
Stratton said Frontier, which has described itself as “the largest pure-play fiber provider in the U.S.,” has successfully executed their “fiber-first strategy” since the company began a turnaround in 2021.
“Over the last three years, we have doubled our fiber footprint, rapidly expanded our fiber customer base, achieved year-over-year EBITDA growth in 2023, and completed a landmark fiber securitization transaction,” he said.
Stratton said Frontier’s leadership believes opportunities to create additional values for shareholders must all be explored and investigated.
“The board and management team are executing a formal and comprehensive review process of all opportunities to unlock shareholder value, including continued optimization of our operational and financing strategy, strategic partnerships, joint ventures, divestitures, mergers, and business combinations,” he said, according to Frontier’s Feb. 5 announcement.
A professional biography of Young included with Frontier’s announcement stated that Young has advised companies on some of the most noteworthy deals in the telecommunications sector, including AT&T’s acquisition of Time Warner and Sprint’s merger with Nextel Communications.
