Merger of North Pittsburgh, Consolidated Communications one step closer to completion

By Lisa Kerner

Charlotte, N.C., Nov. 7 - The Federal Communications Commission approved the transfer of control of North Pittsburgh Systems, Inc. to Consolidated Communications Holdings, Inc. in connection with the proposed merger of the two companies, it was announced on Wednesday.

Approval is still needed by the Pennsylvania Public Utility Commission.

North Pittsburgh shareholders are set to vote on the merger agreement at the company's annual meeting on Nov. 13.

As previously reported, Consolidated Communications agreed to acquire North Pittsburgh for $25 per share in a cash and stock transaction valued at some $375.1 million.

Under the agreement, North Pittsburgh shareholders will exchange each share they own for either $25 in cash or 1.1061947 shares of Consolidated Communications common stock, subject to proration so that 80% of the North Pittsburgh shares will be exchanged for cash and 20% for stock.

North Pittsburgh is a telecommunications provider based in Gibsonia, Pa.

Consolidated Communications is a Mattoon, Ill.-based rural local exchange company.

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