This morning, Frontier Communications (NASDAQ:FTR) announced it would acquire AT&T's (NYSE:T) wireline and fiber network in Connecticut for $2 billion. AT&T said it plans to use the cash proceeds from the deal to fund its push into more advanced IP, wireless and cloud networking, while Frontier Communications commented that the deal would be accretive to free cash flow. Frontier also noted that the deal will improve the company's dividend payout ratio by more than five percentage points. Shares of Frontier Communications were higher by 6.4% on the news, while AT&T fell by 0.6%.
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