The New York Times is reporting that Verizon has agreed to sell divisions that offer service to 4.8 million phone lines in 14 states to Frontier Communications for $3.3 billion in cash and $5.2 billion in Frontier stock. If it goes through, the deal will triple the size of Frontier, a collection of rural phone companies. As part of the reported deal, Verizon will wind up owning at least two-thirds of Frontier’s shares. The move allows Verizon to concentrate on its wireless business and on serving large companies. The company says that after the deal, only 15 percent of its revenue will come from residential customers.
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