Frontier Communications Stock Jumps 38% After Report of Possible Verizon Deal
Shares of Frontier Communications (
FYBR
) jumped nearly 40% on Wednesday after
The Wall Street Journal
said the fiber network company was in talks about a possible sale to Verizon Communications (
VZ
).
The
Journal
, which cited people familiar with the matter, said the deal could be announced by the end of the week.
The report didn't mention a possible price; Frontier's market capitalization surged to around $9.6 billion after the stock jumped in response to the news of the possible deal.
Frontier's shares gained 38% to close Wednesday at $38.68, leaving them up roughly 52% for the year. Verizon's stock fell 3.4% today.