NEW YORK (AP) – Verizon Communications Inc. said Wednesday it reached a deal to shed its traditional telephone line business in Michigan and 13 other states in a deal valued at $8.6 billion.

Frontier Communications Corp., based in Stamford, Conn., will buy the Verizon assets for $5.3 billion in common stock, the companies said. Frontier will also assume about $3.3 billion in debt as part of the deal, which is expected to close within 12 months. Frontier operates offices in Norwich and Sherburne in Chenango County.