As rumored, Verizon has closed a deal to acquire Frontier Communications, significantly boosting the carrier’s fiber footprint.

The Wall Street Journal reported Wednesday that Verizon was close to a deal, although the terms were not known at the time. Given Frontier’s market valuation of more than $7 billion, any deal was clearly going to be an expensive one.

According to Verizon, the two companies have reached a definitive agreement for the nation’s largest wireless carrier to purchase the internet company for $20 billion, in an all-cash transaction. The deal will give Verizon an additional 2.2 million fiber subscribers, as well as Verizon network reach to 25 million premises in 31 states. Verizon currently only covers nine states with its Fios internet, although it has 7.4 million Fios customers.

“Connectivity is essential in nearly every part of our lives and work, and no one delivers better than Verizon,” said Verizon Chairman and CEO Hans Vestberg. “Verizon offers more choice, flexibility and value, and we continuously look for ways to provide the best product and network experience to our customers as we bolster our position as the provider of choice.”

Vestberg added: “The acquisition of Frontier is a strategic fit. It will build on Verizon’s two decades of leadership at the forefront of fiber and is an opportunity to become more competitive in more markets throughout the United States, enhancing our ability to deliver premium offerings to millions more customers across a combined fiber network.”

“Less than four years ago, we set out an ambitious plan to Build Gigabit America, the digital infrastructure this country needs to thrive for generations to come,” said Nick Jeffery, President and CEO of Frontier. “Today’s announcement is recognition of our progress building a best-in-class fiber network and delivering reliable, high-speed broadband to millions of customers across the country. It’s also a vote of confidence for the future of fiber. I am confident that this delivers a significant and certain cash premium to Frontier’s shareholders, while creating exciting new opportunities for our employees and expanding access to reliable connectivity for more Americans.”

The deal represents a 43.7% premium over Frontier’s 90-day average share price, and was unanimously approved by the boards of both companies. Frontier shareholders still must approve the deal, although neither company expects opposition.