(Bloomberg) -- Uniti Group Inc. is in advanced talks to reunite with telecommunications provider Windstream in a merger that could be valued at up to $15 billion, including debt, according to people familiar with the matter. Uniti rose as much as 13%. 

The companies — whose separation a decade ago led to Windstream’s bankruptcy — could announce a merger within a week or so, said the people, who asked to not be identified because the details aren’t public. Nothing has been finalized and it’s possible the timing could change or talks could fall through, the people added. 

Bloomberg News reported in February that the parties are discussing a stock-based deal in which Uniti would remain public. 

Representatives for Uniti and Windstream declined to comment. 

Uniti, a real estate investment trust that owns wireless towers, closed up 8% to $5.74 in New York trading Tuesday, giving the Little Rock, Arkansas-based company a market value of about $1.4 billion.  

Uniti and Windstream have a long history and are closely intertwined. Uniti spun out of Windstream in 2015, about four years before Windstream filed for bankruptcy. A court had determined that spinoff created a default, because it violated Windstream’s debt covenants. Windstream, which offers broadband in rural areas, is Uniti’s largest customer and tenant. 

(Updates trading in fifth paragraph and adds Windstream decline to comment in fourth paragraph.)

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