Verizon Said Nearing $10 Billion Asset Sale to FrontierScott Moritz
Verizon Communications Inc. may sell $10 billion in landline assets as early as this week to Frontier Communications Corp., according to people familiar with the situation.
The assets, including fiber-optic networks that deliver high-speed Internet, phone and television services, are in Florida, Texas and California, and are part of the former GTE properties acquired by Verizon for about $60 billion in 2000, said the people, who asked not to be identified because the discussions are private.
The sale of landline assets is part of a push by New York-based Verizon that may raise $16 billion to help pay for some of the new airwaves it bid on in the recent U.S. auction. As part of the effort, Verizon has been working since September to sell 12,000 antenna sites. The sale of the tower sites may raise about $6 billion and is close to completion, according to people familiar with the situation.
Frontier’s interest in the assets was reported earlier by the Wall Street Journal. A spokesman for Stamford, Connecticut-based Frontier couldn’t immediately be reached for comment. A Verizon spokesman declined to comment on the report.
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