House Speaker Richard Thompson, D-Wayne, and 30 other members of the state House of Delegates are asking the state Public Service Commission to make sure there is a "full and comprehensive" review of the proposed sale of landlines by Verizon to Frontier Communications, according to a released issued Friday by the Communications Workers of America.
"Given the struggling economy, the critical importance of maintaining quality jobs, and the need to make sure that West Virginians have access to the tools of the 21st century, a complete review of all aspects of this important proposal is critical," the House members wrote in a letter delivered to the PSC, the release said.
In a response, Verizon spokesman Harry Mitchell said "We agree that the Public Service Commission should undertake a full examination of the Frontier-Verizon transaction, and we have proposed a schedule that will allow for such an examination. We urge the commission to act expeditiously to set the schedule so all parties can move forward. We believe that, at the end of the day, the commission and West Virginians will realize the many benefits of this transaction, including accelerated broadband deployment in the state."
In may, Verizon agreed to sell rural wireline operations in 14 states to Frontier Communications for $8.6 billion.
In addition to West Virginia, the transaction includes transfer of Verizon's wireline operations in Arizona, Idaho, Illinois, Indiana, Michigan, Nevada, North Carolina, Ohio, Oregon, South Carolina,Washington and Wisconsin.
According to information released when the sale was announced, Verizon shareholders are to receive about $5.3 billion of Frontier stock, while the company receives about $3.3 billion in debt securities and cash.
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