Verizon Communications (NYSE:VZ) is reportedly in advanced discussions to acquire rival telecommunications operator Frontier Communications Parent (NASDAQ:FYBR), according to a source familiar with the negotiations.
The deal, expected to be an all-cash transaction, could be announced as early as Thursday.
Both companies have so far declined to provide official statements.
Frontier Communications, based in Dallas, is known as the “largest pure-play fiber provider in the U.S.” and reported $2.9 billion in sales in the first half of 2024.
Shares of Frontier surged 28% on Wednesday, closing at $35.82 following reports of the ongoing talks.
This potential acquisition marks a significant move for Verizon as it looks to further strengthen its position in the competitive telecommunications market.