Windstream (WIN) To Acquire NuVox for $643M
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Windstream Corporation (NYSE: WIN) entered into a definitive agreement to acquire NuVox, Inc., a privately held competitive local exchange carrier based in Greenville, S.C., in a transaction valued at approximately $643 million.
Windstream expects to issue approximately 18.7 million fixed shares of stock valued at $183 million, based on Windstream’s closing stock price on Nov. 2, 2009, and pay approximately $280 million in cash as part of the transaction. Windstream also will assume estimated net debt of approximately $180 million. Windstream intends to finance the acquisition with existing cash and current capacity on its revolving credit agreement.
Windstream estimates the transaction will be accretive to free cash flow after expected annual synergies of approximately $30 million in operating expenses and capital expenditure savings.
Windstream expects to issue approximately 18.7 million fixed shares of stock valued at $183 million, based on Windstream’s closing stock price on Nov. 2, 2009, and pay approximately $280 million in cash as part of the transaction. Windstream also will assume estimated net debt of approximately $180 million. Windstream intends to finance the acquisition with existing cash and current capacity on its revolving credit agreement.
Windstream estimates the transaction will be accretive to free cash flow after expected annual synergies of approximately $30 million in operating expenses and capital expenditure savings.
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