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Verizon closes acquisition of XO Communications' fiber business

Verizon Communications Inc. completed its $1.8 billion acquisition of the fiber-optic network business of XO Communications.

The telco expects to immediately start the integration of all XO operations and facilities, incorporating XO's fiber assets to its current network operations. The company expects the acquisition to deliver more than $1.5 billion in operating and expense savings in net present value.

With the acquisition, Verizon will extend its network services suite to its wholesale and enterprise customers. Further, the acquisition will enable Verizon to densify its cellular network and deploy new 5G technologies.

Verizon has also inked a deal to lease certain wireless spectrum from former XO affiliate Nextlink Wireless LLC, with an option to buy NextLink, exercisable under certain circumstances, the company said Feb. 1.