Verizon Communications is close to selling wireline assets worth $10 billion to regional telephone operator Frontier Communications Corp, a person familiar with the matter said on Wednesday. The largest U.S. carrier by subscribers, Verizon has been investing heavily in growing its wireless business while reducing spend on its broadband Internet and telephone services. Verizon has been exploring steps to speed up its debt repayment in recent months.The companies did a similar deal in 2009, when Verizon sold 4.8 million rural phone lines to Frontier for $8.6 billion in stock and cash, to do away with that business and focus on wireless and broadband services.A Verizon spokesman failed to comment while a representative for Frontier could not be reached.Verizon purchased 181 licenses worth $10.4 billion in a government sale of wireless airwaves for mobile data that closed last week. That came on top of $130 billion it spent in 2013 to purchase from Vodafone the 45 percent in its wireless unit that it did not already own.
Frontier Communications Corporation is a communications company. Shares of FTR fell by 0.82% or $-0.06/share to $7.28. In the past year, the shares have traded as low as $4.42 and as high as $7.54. On average, 9040940 shares of FTR exchange hands on a given day and today's volume is recorded at 12268117.
Verizon Communications Inc. (Verizon) is a holding company. Shares of VZ fell by 0.06% or $-0.03/share to $47.80. In the past year, the shares have traded as low as $45.09 and as high as $53.66. On average, 17181700 shares of VZ exchange hands on a given day and today's volume is recorded at 19936432.
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