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Windstream to buy NuVox for $643 million18 days ago
(AP:LITTLE ROCK, Ark.) Phone company Windstream Corp. said Tuesday it's buying NuVox Inc. for $643 million in stock and cash.
Windstream said the purchase of NuVox, a phone company that serves business customers, will add to its high-speed Internet service and business revenue.
Windstream also will get a stronger presence where NuVox operates in the Southeast and Midwest, especially among small- and medium-sized businesses.
Under the deal, Windstream will issue 18.7 million shares and pay $280 million in cash. The shares are worth $183 million based on Windstream's closing stock price on Monday. Windstream also will assume $180 million of net debt.
The company plans to pay for the acquisition with cash on hand and loans. The deal is expected to save $30 million a year from the integration of operations and lower capital spending. Windstream said the deal will increase its free cash flow in the first full year of integrated operations.
The acquisition is expected to close in the first half of next year.
Privately held NuVox generated $561 million in revenue and $115 million in operating income excluding one-time items, in the 12 months ended June 30. It operates in 16 southeastern and midwestern states.
Shares of Windstream, based in Little Rock, Ark., were up 3 cents to $9.82 in afternoon trading.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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