AT&T Inc said it would sell its wireline operations in Connecticut to Frontier Communications for $2 billion in cash, partly to fund the expansion of its 4G network.Stamford, Connecticut-based Frontier will gain access to AT&T's wireline network and statewide fiber network assets through the deal.Frontier shares jumped 16 percent to $5.10 in premarket trading on Tuesday. AT&T shares rose about 1 percent to $34.47.Frontier will acquire more than 900,000 voice connections, about 415,000 broadband connections, and about 180,000 of AT&T's pay-TV service U-verse's video subscribers through the deal.
Frontier Communications Corporation (Frontier) is a communications company providing services primarily to rural areas and small and medium-sized towns and cities in the United States. Shares of FTR traded higher by 8.41% or $0.3701/share to $4.77. In the past year, the shares have traded as low as $3.71 and as high as $5.02. On average, 8615240 shares of FTR exchange hands on a given day and today's volume is recorded at 23854260.
AT&T Inc. (AT&T) is a holding company and a provider of telecommunications services in the United States and worldwide. Shares of T fell by 0.85% or $-0.29/share to $33.86. In the past year, the shares have traded as low as $32.76 and as high as $39.00. On average, 23669700 shares of T exchange hands on a given day and today's volume is recorded at 5443790.
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