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February 19, 2008

Vermont approves Verizon sale

Vermont on Friday approved FairPoint Communications' proposed purchase of Verizon's wirelines in that state. Only New Hampshire has yet to give the go-ahead to the $2.35 billion sale.

The Vermont Public Service Board said it concluded that "the lessened financial risks are now at an acceptable level, particularly in light of the benefits FairPoint is expected to bring to Vermont," according to the Portland Press Herald. FairPoint and Verizon agreed to reduce the original purchase price of $2.7 billion, as well as other conditions, to gain the approval of the Maine Public Utilities Commission on Jan. 3.

Following the Vermont approval, the International Brotherhood of Electrical Workers union issued a statement questioning the financial stability of FairPoint and saying the decision puts the economic future of the state at risk, according to an IBEW press release.

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