Broadband and telecommunications services provider Windstream has announced plans to buy South Carolina-based telecoms provider NuVox for $643m as part of its strategy to expand its high-speed internet service business. Skip related content
The company said the acquisition will expand its market position in sixteen states across the US Southeast and Midwest. The company also expects $30m in annual synergies from the acquisition.
As part of the deal, expected to close in the first half of next year, the company will issue 18.7 million shares worth $183m, pay $280m in cash and assume $180m of NuVox debt.
Jeff Gardner, CEO of Windstream, said: "This transaction significantly advances our strategy to grow broadband and business revenues, which is important given the growth prospects in these areas."
In May, Windstream acquired integrated communications provider D&E Communications for approximately $330m to expand its operations in Pennsylvania.
