Verizon (VZ.US) is reportedly set to acquire Frontier (FYBR.US) in an all-cash deal, which may be announced on Thursday.

Verizon(VZ.US) is in advanced talks to buy its rival Frontier Communications(FYBR.US), according to people familiar with the matter. The all-cash deal could be announced as early as Thursday, one of the people said, asking not to be identified because of sensitive information. Representatives for Frontier declined to comment, and a spokesman for Verizon did not immediately respond to a request for comment. The news sent Frontier's shares up as much as 38% to $38.62 on Wednesday, the biggest gain since it emerged from bankruptcy in 2021, valuing the company at $9.3 billion.