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Windstream buys N.C. telecom CT Communications
This article was published May 29, 2007 at 11:20 a.m.
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.
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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