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Windstream closes acquisition of D&E

By - Last modified: February 11, 2011 at 1:51 PM

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Windstream Corp. today announced it has closed on its $333
million acquisition of Lancaster County-based D&E Communications Inc.

Windstream Corp. today announced it has closed on its $333
million acquisition of Lancaster County-based D&E Communications Inc.

D&E shareholders received 0.65 of a share of Windstream
stock and $5 in cash for every share of D&E stock under the agreement
signed in May
. Windstream issued about 9.4 million shares worth $95 million and
paid approximately $74 million in cash, according to the company. It also is
assuming $164 million of D&E's debt.

Windstream expects to make announcements later today about
management appointments and work force restructuring, said David Avery, a
company spokesman.

The Pennsylvania Public Utility Commission was the final
regulatory agency to approve the acquisition on Friday.

D&E, with headquarters in Ephrata, is traded on the
Nasdaq under the ticker symbol DECC. It's unclear when the company will be
delisted from the exchange. D&E provides local and long-distance phone,
high-speed Internet and video services.


Windstream, based in Little Rock, Ark., provides phone, Internet and video services to
residential and business customers in 16 states, including Pennsylvania. The company has about 3
million access lines and $3.2 billion annual revenue.


Windstream is traded on the New York Stock Exchange under the ticker symbol
WIN.

Write to the Editorial Department at editorial@cpbj.com

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