The Consolidated FairPoint merger has received all necessary regulatory approvals in the remaining 17 states impacted by the transaction. All federal regulatory approvals have been issued as well, paving the way for the deal to close next week, on July 3rd, the company announced.
Both company’s shareholders have already approved the deal as well, and Consolidated reports they secured financing for the $1.5 billion deal (including FairPoint debt) in December of 2016.
“This merger will benefit customers and communities across the combined 24-state service area as we become an even stronger and more competitive company with greater scale, resources and access to an expanded 36,000 fiber-route-mile network,” said Bob Udell, president and chief executive officer of Consolidated Communications in a press release. “We are committed to ensuring this merger is seamless for customers and look forward to bringing our expanded product and services portfolio to FairPoint customers in the future.”
The combined Consolidated FairPoint will serve 24 states and operate a 36,200 route-mile fiber network. The deal catapults the combined company into a top ten fiber network operator in the U.S., according to Consolidated executives.
The combined company will serve close to 800K broadband connections, close to 800K voice connections, and connect 2,600 wireless towers with fiber.
A company spokesperson tells Telecompetitor, the FairPoint brand will be retired in 2018, and the combined company will be called Consolidated Communications. Its headquarters will remain in Matoon, Illinois.