Shareholders OK FairPoint's $1.5B merger deal
File Photo / Tim Greenway
Mike Reed, FairPoint Communications' Maine state president. On Tuesday, shareholders approved the $1.5 billion merger of FairPoint and Consolidated Communication Holdings in an all-stock transaction that includes debt. The deal is subject to approval by state and federal regulators.
Shareholders of FairPoint Communications Inc. (Nasdaq:FRP) and Consolidated Communications Holdings Inc. (NASDAQ: CNSL) approved on Tuesday the merger of the companies in an all-stock transaction valued at approximately $1.5 billion, including debt.
The proposed merger had been unanimously approved by the boards of directors at both companies.
FairPoint, based in Charlotte, N.C., offers phone and internet service in 17 states, including Maine. The company has 2,600 employees nationwide, including 40 in its national headquarters, and owns fiber-based Ethernet network with more than 22,000 route miles of fiber-based network, including approximately 18,000 route miles of fiber in northern New England.
Consolidated Communications, based in Mattoon, Ill., provides business and broadband communications services to carrier, commercial and consumer customers across its 11-state service area that includes the Midwest, Texas, California and Pennsylvania.
Consolidated and FairPoint are in the process of securing the necessary state and federal regulatory approvals to complete the merger and expect the transaction to close by mid-2017.
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