It has been almost 14 months since Charlotte, N.C.-based FairPoint Communications announced its plan to acquire landline properties being spun off by Verizon Communications in Maine, New Hampshire and Vermont. New Hampshire regulators approved the deal yesterday, following earlier approvals in Vermont and Maine. The deal was run through a multitude of hearings in all three states, and faced much opposition, some of it mitigated in the last month or two as FairPoint was able to craft revised deal proposals in acknowledgment of some concerns.
Prior to the opening of 2008, it seriously looked as if the deal might not gain necessary regulatory approvals, or might have to be revised so much that it would no longer make sense to the companies involved. Now, as the companies look to finally close the deal, the pressure is on FairPoint to execute on its promises.
- Vermont regulators approved the acquisition last week