Verizon says it will pay $1.8 billion to buy the fiber-optic network business of XO Communications, in a deal that the wireless phone company said would improve service for its customers.
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XO Communications, based in Herndon, Va., owns and operates networks that its customers use for Internet access, cloud computing and other services.
Billionaire investor Carl Icahn is chairman and sole shareholder of the company.
The deal is expected to close in the first half of next year. New York-based Verizon Communications says it will also rent XO’s wireless spectrum and has the option to buy the spectrum at the end of 2018.
Verizon shares rose 24 cents to $51.10 in afternoon trading.
Meanwhile, to revive interest in smartphones, Samsung and LG are improving their cameras and embracing the nascent world of virtual reality.
With News Wire Services
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