Windstream (Nasdaq: WIN) is yet another step closer to completing its deal to acquire PAETEC (Nasdaq: PAET) by Dec. 1 as the FCC has approved the transaction.
In its ruling that it gave on Tuesday, the agency said that the acquisition "poses no significant competitive harms and should provide benefits to residential and business customers resulting from Windstream offering a broader range of competitive services in the markets served by the combined company."
Having already gotten a number of state regulatory approvals, the FCC was the main hurdle it needed to overcome before it could add PAETEC to its fold. Last week, the New York state Public Service Commission approved the acquisition.
Of course, when the transaction closes, Arunas Chesonis, current CEO of PAETEC, and Jeff Gardner, CEO of Windstream said there will be some employees cut on the PAETEC side.
"We are working through the process of determining appropriate staffing levels and expect to announce details soon after the deal closes," said David Avery, a Windstream spokesman.
- Rochester Democrat and Chronicle has this article
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