Verizon Communications said it would sell wireline assets to Frontier Communications for $10.54 billion in cash and sell and lease cell phone towers for around $5 billion to American Tower in a deal that will help it pay off recent wireless spectrum purchases.The transaction is 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 sale is expected to close in the first half of next year and is subject to regulatory approval, the companies said.Frontier will nearly double its size by buying Verizon's local wireline operations in California, Florida and Texas, including 3.7 million voice customers, 1.2 million video customers and 2.2 million broadband connections.
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 1901320.
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 37555684.
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 18762322.
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