FairPoint Communications Being Sold to Illinois-Based Company
Photo by Kevin Spencer / Creative Commons
FairPoint Communications is being sold.
Illinois-based Consolidated Communications says it’s buying FairPoint for $1.5 billion, starting a new chapter in the troubled history of northern New England’s largest telecommunications network.
The news broke in a morning conference call for investors: Consolidated will buy 100 percent of FairPoint’s stock for a total of $1.5 billion. Together, the merged companies will provide services in 24 states, operating 35,000 miles of fiber optic lines.
“Today’s news is all about the futures of Consolidated Communications and FairPoint. We believe the news is very good,” says Bob Udell, CEO of Consolidated Communications, which operates broadband and other communication services in 11 states from its Mattoon, Illinois, headquarters.