Verizon sheds rural wirelines in $8.6 bil deal

In a deal that further reshapes the rural phone market, Verizon Communications (VZ) on Wednesday agreed to sell 4.8 million wireline customers in 14 states to Frontier Communications (FTR).

Frontier, which will triple in size if regulators OK the sale, said it will buy the fixed phone lines for $5.3 billion in stock and assume $3.3 billion in debt. Verizon shareholders would own 68% of the bigger Frontier...