Jana Partners built stake in Frontier Communications, call for company sale

SaltWire's Atlantic regional weather forecast for October 17, 2023] | SaltWireNEW YORK - Activist investment firm Jana Partners has built a new position in telecommunications company Frontier Communications and is calling on the United States' third largest fiber broadband provider to sell itself.

A large communications company has partnered with Jana on the idea and is investing alongside the firm, Ostfeld said, declining to name the industry player.Frontier, whose share price had tumbled 32% since January, has been aggressively expanding to more homes and businesses to meet demand for higher speed internet services.

Buying up fiber providers has been a popular investment theme for private equity firms and infrastructure investors around the world. KKR, Apollo Global, Searchlight Capital Partners, Macquarie Infrastructure Partners, EQT, Oak Hill and Ares Capital have all invested aggressively in the space. Ares Capital is Frontier's largest shareholder, owning a 16% stake and is also an investor in private fiber provider altafiber. In May, Ares updated a regulatory filing and said it plans to seek change or to influence control at Frontier, including through a possible transaction.

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