Advised telecom company for financial reporting on acquisition
Advised telecom company for financial reporting on acquisition
Northwest Fiber, LLC (d.b.a. “Ziply Fiber”) completed the acquisition of Frontier Northwest from Frontier Communications Corporation and Frontier Communications ILEC Holdings LLC (collectively, “Frontier”) on April 30, 2020. We assisted Ziply Fiber with allocating the value of the acquired assets for financial reporting purposes under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 805: Business Combinations.
The acquired assets included over 22,000 miles of a fiber-based communications network that passed through 1.7 million residential and business premises throughout the Pacific Northwest region. We valued the acquired intangible assets from a valuation advisory perspective and assisted with technical accounting.
Frontier Northwest (Target) represented the carve-out operations for Washington, Oregon, Idaho, and Montana of Frontier Communications (NASDAQ: FYBR) that was in bankruptcy at the time of the transaction.
Providing Industry Expertise
“Over the past 15 years, we've acquired numerous companies as part of our growth strategy and each time we have relied on Brent Sloan and his team to handle our purchase price allocation and valuation work. Most recently they handled our acquisition of Frontier Northwest, and as usual did a terrific job working through a variety of financial reporting and tax issues, and provided an exceptional end product.”
- Wayne Schattenkerk, CFO of Ziply
Note: This work was performed prior to joining Stout.
