NEW YORK (AP) — Verizon will pay $1.8 billion to buy the fiber-optic network business of XO Communications. The wireless phone company said the deal, to close next year, will improve service for its customers.
XO Communications owns and operates networks that its customers use for Internet access, cloud computing and other uses. Billionaire Carl Icahn is chairman and sole shareholder.
Verizon Communications Inc. said it would rent XO’s wireless spectrum and has the option to buy the spectrum at the end of 2018.