Verizon Close To $10 Bln Asset Sale To Frontier: WSJ

(RTTNews) - Telecom giant Verizon Communications Inc. (VZ) is close to selling a package of wireline assets to regional telecommunications company Frontier Communications Corp. (FTR) for around $10 billion, the Wall Street Journal reported, citing people familiar with the matter. The deal could be announced this week.

The transaction is said to be the largest so far for Frontier. It also is likely to be one of the largest in the U.S. so far in 2015.

Verizon is also nearing a sale of a package of cellphone towers for about $5 billion, the report added, quoting people familiar with that transaction.

The sales are happening as Verizon is raising funds to pay down a big debt load from its $130 billion acquisition of Vodafone Group Plc's share in their U.S. wireless venture.

VZ closed down less than a tenth of a percent on Tuesday at $47.80, and slipped 0.4 percent after the market closed.

FTR closed down 0.8 percent at $7.28, but climbed 10.6 percent in the extended trade.