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January 10, 2008

FCC approves FairPoint-Verizon deal

The Federal Communications Commission yesterday approved the proposed $2.7 billion sale of Verizon's landlines in Maine, New Hampshire and Vermont to FairPoint Communications.

The federal regulators voted 3-2 to approve the sale, with both Democratic commissioners opposing the deal. The regulators said it is "unlikely" the sale will result in anticompetitive trading or hurt the public interest, and stated that the deal will enhance the area through investment, hurry the deployment of high-speed Internet and create 700 jobs, the Associated Press reported.

The news drove FairPoint's stock up by 57 cents, or 5.7%, to $12.69 in afternoon trading, the Associated Press reported. While Maine regulators have okayed the deal, regulators in New Hampshire and Vermont still need to formally approve it.

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