Verizon Communications Inc will sell wireline assets to Frontier Communications Corp for $10.54 billion in cash and cell phone towers worth over $5 billion to American Tower Corp, the company said on Thursday.The assets being sold to Frontier and American Tower are the latest in a series of non-core assets that Verizon has sold in recent months to reduce debt and raise cash for investments.The Frontier deal is expected to close in the first half of next year and is subject to regulatory approval, Verizon said.Frontier will acquire Verizon's local wireline operations in California, Florida and Texas, including 3.7 million voice connections, 1.2 million FiOS video connections and 2.2 million broadband connections, Verizon said.
American Tower Corporation is a holding company. The company owns, operates and develops wireless and broadcast communications real estate. Shares of AMT traded higher by 1.78% or $1.74/share to $99.59. In the past year, the shares have traded as low as $78.83 and as high as $106.31. On average, 2013540 shares of AMT exchange hands on a given day and today's volume is recorded at 1901310.
Frontier Communications Corporation is a communications company. Shares of FTR traded higher by 5.77% or $0.42/share to $7.70. In the past year, the shares have traded as low as $4.46 and as high as $7.54. On average, 8948460 shares of FTR exchange hands on a given day and today's volume is recorded at 37545012.
Verizon Communications Inc. (Verizon) is a holding company. Shares of VZ traded higher by 0.13% or $0.06/share to $47.86. In the past year, the shares have traded as low as $45.09 and as high as $53.66. On average, 17276600 shares of VZ exchange hands on a given day and today's volume is recorded at 18752468.
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