February 26, 2008
FairPoint set to close deal with Verizon
After more than a year of negotiations, FairPoint Communications cleared the last regulatory hurdle in its bid to buy Verizon's landline business in northern New England.
The New Hampshire Public Utilities Commission voted 2-1 to approve the deal yesterday, but not before adding conditions such as creating a trust to handle health benefits for future retirees, the Associated Press reported. Regulators in Vermont and Maine approved the deal earlier this year.
FairPoint's negotiations with Maine, New Hampshire and Vermont centered around how much debt the company would take on in the $2.7 billion deal, and whether that debt burden would keep the company from fulfilling its promises to expand telecommunications infrastructure in northern New England. Following the states' approvals, the deal price was lowered to roughly $2.35 billion, according to the AP. FairPoint officials said in a press release today that the deal is expected to close in March.
The New Hampshire Public Utilities Commission voted 2-1 to approve the deal yesterday, but not before adding conditions such as creating a trust to handle health benefits for future retirees, the Associated Press reported. Regulators in Vermont and Maine approved the deal earlier this year.
FairPoint's negotiations with Maine, New Hampshire and Vermont centered around how much debt the company would take on in the $2.7 billion deal, and whether that debt burden would keep the company from fulfilling its promises to expand telecommunications infrastructure in northern New England. Following the states' approvals, the deal price was lowered to roughly $2.35 billion, according to the AP. FairPoint officials said in a press release today that the deal is expected to close in March.
Mainebiz web partners
Most Recent
Comments