Verizon nearing deal for Frontier Communications, WSJ reports

: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 per cent after the report, while Verizon’s shares fell more than 3 per cent.