(Telecompaper) Verizon Communications has confirmed plans to sell part of its wireline assets to Frontier Communications for USD 10.54 billion. Frontier will acquire the local wireline operations serving customers in California, Florida and Texas for USD 9.9 billion in cash and USD 600 million in assumed debt. In addition, Verizon has agreed to lease the rights to over 11,300 of its wireless towers to American Tower Corporation, which will also purchase approximately 165 Verizon towers, for a total upfront payment of USD 5 billion. Part of the proceeds of the sales will be returned to shareholders in the form of a USD 5 billion accelerated share-repurchase programme.