Windstream significantly expands customer base with acquisition of CT Communications

By Lisa Kerner

Charlotte, N.C., Aug. 31 - Windstream Corp. completed its $585 million, all-cash acquisition of CT Communications, Inc. in a bid to strengthen its position in the rural American market.

CT Communications stockholders will receive $31.50 per share in cash for their shares under the companies' May 29 merger agreement.

"This acquisition nearly doubles Windstream's presence in North Carolina and provides the opportunity to generate significant operating efficiencies with our contiguous markets," Windstream president and chief executive officer Jeff Gardner said in a company news release.

"The transaction also allows our company to continue to grow cash flows through a disciplined acquisition strategy while reducing the dividend payout ratio."

Windstream now has more than 3.3 million access lines and 782,000 broadband customers.

CT Communications is a Concord, N.C.-based company that provides integrated telecommunications and related services to residential and business customers.

Windstream is a Little Rock, Ark., broadband and entertainment services company.

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