(Reuters) -Verizon is in advanced talks to acquire Frontier Communications in a deal that would boost its fiber network and help it compete with rivals including AT&T, the Wall Street Journal reported on Wednesday.
An announcement could come this week if the deal talks do not hit any last-minute snags, the WSJ reported, citing people familiar with the matter.
The report did not provide details about the deal value, but Frontier was valued at nearly $7 billion as of last close.
Both Verizon and Frontier did not immediately respond to Reuters’ requests for comment.
Frontier’s shares were up 34% after the report, while Verizon’s shares fell more than 3%.
(Reporting by Juby Babu in Mexico City; Editing by Janane Venkatraman and Maju Samuel)
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