Verizon Communications (VZ) has agreed to purchase optical fiber from Corning (GLW) , an American manufacturer of glass, ceramics, for at least $1.05 billion over the span of the next three years, the companies announced today.
Through the acquisition, Verizon said it aims to boost its network infrastructure.
Corning will sell up to 12.4 million miles of optical fiber to Verizon each year from 2018 through 2020, with a minimum purchase commitment of $1.05 billion, according to the agreement.
Verizon views fiber as critical for a next-generation, or 5G network.
Verizon Purchases Over $1 Billion of Optical Fiber
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