Verizon will sell non-East Coast wireline unit for $9.9B, gets $5B in tower leasing deal

Industries Associated Press

Verizon Communications says it will make almost $15 billion from selling part of its wireline business and leasing thousands of wireless towers.

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The largest U.S. cellphone carrier is selling its California, Florida and Texas wireline businesses, which serve voice, video and Internet customers, to Frontier Communications Corp. for $9.9 billion in cash. Frontier is also taking on $600 million in debt.

Verizon says it wants to concentrate on the East Coast wireline business.

American Tower Corp. will pay $5.06 billion to lease 11,300 wireless towers and buy 165 towers.

Verizon Communications Inc. says it plans to return some of the cash to shareholders by spending $5 billion on buying back its stock.