Verizon Closes Deal for Frontier Communications: WSJ By Investing.com

Investing.com — Verizon is in talks to buy fiber provider Frontier Communications ( OTC: ) as the telecom giant tries to close the gap on rivals including AT&T ( NYSE: ), the Wall Street Journal reported on Wednesday, citing persons familiar with the matter.

If the talks don’t hit any last-minute snags, confirmation of the deal could come as soon as this week, the sources told the Journal. With a market cap of more than $7 billion, Frontier could fetch a hefty price.

Frontier Communications Parent Inc (NASDAQ: ) rose 8%, while Verizon Communications Inc (NYSE: ) fell 2.7%.