LITTLE ROCK, Ark. (AP) -- Local-phone company Windstream Corp. on Thursday said it has completed its purchase of Paetec Holding Corp., which provides telecommunications services to businesses.
Little Rock, Ark.-based Windstream issued 0.46 of its shares for each Paetec share, putting the value of the deal at $863 million. Windstream also assumed $1.4 billion in Paetec debt.
The deal was announced Aug. 1, and is part of Windstream's strategy to shift its focus toward business services. In October, shares of Paetec rose above the value of Windstream's offer, indicating that investors were expecting a higher bid from a rival. No such bid materialized.
Paetec's headquarters were in Fairpoint, N.Y.
