Verizon Communications announced Thursday an agreement to acquire smaller rival Frontier Communications in $20 billion transaction aimed at bolstering it high-speed fibre network in the United States. The US telecoms giant will acquire Frontier for $38.50 per share in cash, representing a premium of 43.7%. The transaction has been unanimously approved by the Verizon and Frontier Boards of Directors. The deal will extend Verizon’s network reach to 25 million premises across 31 states and Washington, a Verizon statement said. The transaction is expected to close in around 18 months, subject to a…