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Windstream receives FCC nod for $2.3B Paetec acquisition

By , - Last modified: November 23, 2011 at 12:26 PM

Arkansas-based telecommunications company Windstream Corp., which has a significant midstate presence, said it received approval from the Federal Communications Commission for its $2.3 billion acquisition of New York-based Paetec Holding Corp.

Windstream is issuing $891 million in stock and assuming or refinancing the Paetec's $1.4 billion in debt, according to the companies. The deal, which will create a telecom company with $6 billion in revenue, is expected to close in Dec. 1, Windstream said.

Most of Paetec's Pennsylvania business is in the Allentown-Bethlehem, Erie, Philadelphia and Pittsburgh areas, according to service maps on its website. However, the company does have a presence in the midstate, including a major fiber-optic line running through Lancaster and Harrisburg. The company has business in 86 percent of the top U.S. metro areas.

Paetec and Windstream provide phone, Internet, software management solutions and cloud computing services to business and residential customers.

Paetec trades its shares on the Nasdaq under the ticker symbol PAET.

Two years ago, Windstream acquired Ephrata-based D&E Communications for $333 million. Windstream trades its shares on the Nasdaq under the ticker symbol WIN.

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