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.