Windstream buys N.C. telecom CT Communications

By The Associated Press

Photo by Rick McFarland

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.

ADVERSTISMENT

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.

Thank you for coming to the Web site of the Arkansas Democrat-Gazette. We're working to keep you informed with the latest breaking news.