(Bloomberg) — Verizon Communications Inc. is in advanced talks to acquire rival telecommunications operator Frontier Communications Parent Inc., a person familiar with the negotiations said.
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An all-cash deal between the two companies could be announced as early as Thursday, said the person, who asked not to be named because it was non-public information. A representative for Frontier declined to comment. A Verizon spokesman did not immediately respond to a request for comment.
The Wall Street Journal reported earlier on the talks. Frontier shares rose 28% to $35.82 on Wednesday.
Dallas-based Frontier calls itself the “largest pure-play fiber provider in the U.S.,” reporting revenue of $2.9 billion in the first half of 2024.
–With assistance from Christopher Palmeri.
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