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|Consolidated Communications Completes FairPoint Acquisition|
|Published Monday, July 10, 2017 8:30 am|
The combined coverage map of FairPoint Communications and Consolidated Communications. Photo: FairPoint
Consolidated Communications completed its acquisition of FairPoint Communications in an all-stock transaction valued at approximately $1.3 billion, including debt and based on present equity value. As part of the merger agreement, Consolidated appointed Wayne Wilson, former President, COO and CFO of PC Connection in Merrimack and member of FairPoint's board of directors, to the combined company's board of directors.
FairPoint Communications, headquartered in North Carolina, offers services in Alabama, Colorado, Georgia, Kansas, Florida, Illinois, Maine, Massachusetts, Missouri, Ohio, Oklahoma, Pennsylvania, NH, New York, Virginia, Vermont and Washington. FairPoint is the largest provider in Maine, NH and Vermont.
The acquisition of FairPoint, expected to generate annual run rate cost savings of approximately $55 million within two years, will add 22,000 fiber route miles to the Consolidated Communications fiber network, without any overlapping markets. The combined network spans 24 states and more than 36,000 fiber route miles, making Consolidated Communications the ninth largest fiber provider in the U.S. Consolidated Communication’s on-net buildings grow to 8,800 and fiber-connected towers total 2,600.
The combined company will have approximately 4,400 employees across all 24 states and will be headquartered in Illinois. Senior executives will be based throughout this service area. The company plans to expand its cloud services product suite to FairPoint markets, as well as other broadband enhancements.
Bob Udell, president and CEO of Consolidated Communications, says “We are excited to close on the acquisition and look forward to realizing the many benefits of this merger and leveraging our combined team’s expertise.”
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