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Windstream closes acquisition of D&E

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

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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