Verizon

(VZ) - Get Report

was down 4.6% at midday after

Verizon Wireless

, which it jointly owns with

Vodafone

(VOD) - Get Report

, announced it would buy the wireless unit of

Price Communications

(PR)

.

The deal also calls for Verizon Wireless to assume $550 million in debt. Vodafone was down 2%, Price was up 0.6%.