FairPoint Communications and Verizon Communications will have to wait until next Thursday, Dec. 20, to see if the Maine Public Utilities Commission approves FairPoint's proposed acquisition of Verizon facilities in Maine, New Hampshire and Vermont. The Maine PUC delayed action on the decision yesterday, and still could order further public hearings on the stipulations FairPoint and Verizon agreed to with the Maine public advocate's office to get the advocate's recommendation for the deal's approval. Further details of those stipulations are coming to light. Among other changes, FairPoint agreed to minimum annual capital investments of $47 million per year through 2010, and Verizon agreed to contribute $235 million in working capital to help reduce FairPoint's debt contribution.
- read this Associated Press story in Forbes
- If approved, the deal will have overcome a lot of opposition