Frontier Communications (NASDAQ:FTR) has reached a definitive agreement with Verizon Communications (NYSE:VZ) under which Frontier will acquire Verizon's wireline operations in California, Florida and Texas for $10.54 billion in cash.

The Verizon properties include 3.7 million voice connections, 2.2 million broadband connections, and 1.2 million FiOS video connections. The network being acquired is 54% FiOS enabled. Subject to regulatory approval, the transaction is expected to close in the first half of 2016.