(Bloomberg) — Verizon Communications Inc. is in advanced talks to acquire rival telecommunications operator Frontier Communications Parent Inc., according to a person familiar with the negotiations.
Most Read from Bloomberg
An all-cash deal between the two companies could be announced as soon as Thursday, the person said, asking not to be named discussing non-public information. A representative for Frontier declined to comment. A spokesperson for Verizon didn’t immediately respond to a request for comment.
The Wall Street Journal earlier reported on the talks. Frontier shares jumped 28% to $35.82 on Wednesday.
Dallas-based Frontier bills itself as the “largest pure-play fiber provider in the US.” It reported sales of $2.9 billion in the first half of 2024.
–With assistance from Christopher Palmeri.
Most Read from Bloomberg Businessweek
©2024 Bloomberg L.P.
Source: finance.yahoo.com