Frontier has named telecom M&A specialist Woody Young to its Board of Directors as the telco begins a strategic review of its business.
Young was the former chairman of Mergers and Acquisitions at Perella Weinberg Partners, where he also led the firm’s U.S. telecommunications and media advisory businesses. He previously served as the Co-Head of Global Telecommunications, Media, and Technology at Lazard.
With Young’s appointment, the Frontier Board will expand to ten members, eight independent. The Board brings diverse and extensive experience across key disciplines, including technology, telecom, finance, operations, transactions, legal and regulatory, human capital, and shareholder value creation.
John G. Stratton, Executive Chairman of the Board of Frontier, said that as the company enters its next evolution phase, it will look for opportunities to create additional value for its shareholders.
“Accordingly, 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.
In August, Frontier announced its fiber securitization transaction. This transaction, finalized on August 9, priced at $2.1 billion of committed capital that Frontier will use to continue to fund its fiber expansion. Frontier plans to pass at least 10 million locations with fiber.
Frontier is also facing calls for change by some of its investors. Activist investor Jana Partners, which gained a shareholder position in Frontier, has called for the telco to be sold. Jana’s call came as several private equity firms, including KKR, Apollo Global, Searchlight Capital Partners, Macquarie Infrastructure Partners, EQT, Oak Hill, and Ares Capital, have all made significant investments in the fiber broadband sector.
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