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.
