Windstream is buying New York-based PAETEC Holding for almost $2.3 billion. The telecommunications services provider’s shareholders will be given 0.460 shares of Windstream stock for each PAETEC unit they hold. Windstream intends to raise $891 million from a sale of 73 million shares. Windstream also will assume PAETEC’s $1.4 billion debt. PAETEC stockholders will own 13% of the merged company.
Click here for the release from PAETEC.