The number one US wireless provider Verizon is all set to buy investor Carl Icahn-owned XO Communications’ fiber-optic network business for about $1.8 billion, announces the company. The deal is expected to get closed in the first half of 2017.
Through the deal, Verizon would acquire XO’s fiber-based Internet protocol and Ethernet networks. This would boost its own networks and will help serve its enterprise and wholesale customers. It will also rent XO’s wireless spectrum and may buy it by the end of 2018.
Billionaire investor Carl Icahn, the investor and sole shareholder of XO holdings, is the Chairman of XO Communications. He started buying senior debt of XO in 2001 and helped the company to come out of bankruptcy in 2003.