Paetec, McLeodUSA merger one step closer to completion with latest approval

By Lisa Kerner

Charlotte, N.C., Nov. 27 - The Federal Communications Commission approved Paetec Holding Corp.'s acquisition of McLeodUSA Inc. in a deal first announced on Sept. 17.

The Federal Trade Commission has already granted early termination of the Hart-Scott-Rodino waiting period.

It was previously reported that the all-stock merger is valued at $557 million, including $65 million in net debt assumption.

The transaction is expected to close in the first quarter of 2008, according to a news release.

Paetec is a communication services company offering voice, data, and internet protocol services. The company is based in Fairport, N.Y.

Privately held McLeodUSA provides managed IP-based communications services and traditional circuit-switched telephony services. The company is located in Cedar Rapids, Iowa.

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