Windstream buys N.C. telecom CT Communications
By The Associated Press
Ric Crane, Sr. VP for marketing and sales (left), and Keith Paglusch, chief operating officer, (far right) talk with reporters after the logo for Windstream Communications was unveiled in this 2006 file photo. Windstream Communications is a spinoff of Alltel's landline business and merger with Valor Communications Group.
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Windstream Corp., a phone company spun off from Alltel Corp., announced Tuesday it will buy CT Communications Inc., a small telecom in North Carolina, for $585 million in cash.
The deal will give Windstream an additional 158,000 access lines and 29,000 broadband customers.
Windstream shares rose 11 cents, to $15.03, in midday trading, while CT Communications shares surged $9.62, or 45 percent, to $31.20. Earlier in the session, CT Communications shares hit a new high of $31.44, topping their previous 52-week high of $26.85.
Windstream was created last year when Alltel combined its landline phone business with Valor Communications Group Inc. in a $4.9 billion deal.
Read tomorrow's Arkansas Democrat-Gazette for full details.
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This article was published May 29, 2007 at 11:20 a.m.
