Frontier Communications And CWA Reach Deal In Texas And Missouri - Quick Facts

(RTTNews) - Frontier Communications Corp. (FTR) and the Communications Workers of America District 6 or CWA announced that they signed an agreement that will benefit CWA-represented employees in Texas and Missouri and Frontier's future customers in Texas.

The agreement is an important step forward in the process to complete Frontier's planned acquisition of Verizon's wireline business and assets in Texas, California and Florida. The CWA supports the proposed acquisition and believes it is in the public interest and the interest of its members.

The CWA represents 2,000 Verizon workers in Texas and Missouri. This agreement provides the workforce in both states assurances for the acquisition and how the acquisition will affect them. It also includes operational benefits to allow Frontier to implement its local engagement model in the Texas markets.

Frontier has agreed to honor and extend the existing collective bargaining agreements for two years.

The agreement include Employee job security protection; Extend the existing contracts for two years with wage increases in each year; The addition of 60 new union-represented jobs in Texas and Missouri; Technician Job Upgrades; Operational flexibility to enhance the service experience for customers.

As per the deal, All union employees will receive 100shares of Frontier restricted stock upon the closing of the transaction to demonstrate Frontier's commitment to its newest employees and their ownership in the company's success; Frontier continues to commit to a 100% U.S. based workforce.

As part of this agreement, Frontier and the CWA will form a Partnership Forum that will promote innovation of Frontier's products and services and the service experience customers receive.

The agreement between Frontier and CWA is contingent upon the approval of the proposed transaction by the Federal Communications Commission, applicable state approvals, and the consummation of the proposed transaction.