Windstream Corp. of Little Rock announced Tuesday that it has completed the $333 million acquisition of D&E Communications of Ephrata, Pa.
D&E Communications shareholders received 0.650 shares of Windstream stock and $5 in cash for each D&E share.
Windstream issued about 9.4 million shares of stock valued at $95 million, based on the company's closing stock price on Nov. 9, 2009. Windstream also paid approximately $74 million in cash as part of the transaction and assumed estimated net debt of approximately $164 million.
D&E has about 114,000 access lines and about 46,000 high-speed Internet customers in mostly rural properties in Pennsylvania.
Windstream expects the new properties to begin turning a profit within a year, after it eliminates about $25 million in overlapping operating expenses and capital expenditures.
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