Verizon in Talks to Acquire Frontier Communications
Investing.com — Verizon is reportedly in talks to buy fiber provider Frontier Communications (OTC:FTRCQ) (NASDAQ:FYBR) as the telecom giant aims to narrow the gap with rivals like AT&T (NYSE:T), according to a report from the Wall Street Journal on Wednesday, which cited sources familiar with the matter.
If negotiations go smoothly, a formal announcement regarding the deal could come as early as this week, the sources indicated. With a market capitalization exceeding $7 billion, Frontier is expected to command a significant purchase price.
In response to the news, shares of Frontier Communications surged by 8%, while Verizon Communications Inc (NYSE:VZ) experienced a decline of 2.7%.
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