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January 9, 2008

VT tentatively agrees to FairPoint sale

Vermont officials yesterday tentatively approved FairPoint Communications' proposed $2.7 billion purchase of Verizon phone lines in northern New England.

The agreement between North Carolina-based FairPoint and the Vermont Department of Public Service is similar to the deal Maine officials made with the company last week, which called for a $235 million reduction in the purchase price. The agreement also carries special concessions for Vermont, including FairPoint's assurance it will invest $40 million in capital expenditures in Vermont in each of the three years following the sale, according to a press release.

The deal still needs to be approved by the Vermont Public Service Board, as well as by officials in New Hampshire and the Federal Communications Commission.

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