PAETEC Execs, Board Members Receive Windfall

Some executives and board members of PAETEC Holding Corp. recently walked away with a nice chunk of change thanks to the $2.3 billion sale of the New York-based telecommunications provider to Windstream Corp.

Under the terms of the acquisition, PAETEC shareholders received roughly a 34 percent premium over what their shares were worth before the deal was announced, according to the Democrat and Chronicle. Such a premium benefitted stockholders like PAETEC board member Richard Aab and the company’s CEO, Arunas Chesonis, whom held 4.4 million shares and more than 7 million shares, respectively, according to the report.

And in November, before the deal even closed, five PAETEC executives and board members sold 376,000 shares for a little more than $5 each, representing a decent gain considering that PAETEC’s stock was only averaging $4 per share during the first seven months of the year before Little Rock, Ark.-based Windstream announced plans to acquire PAETEC, the Democrat and Chronicle reported.

On Dec. 1, Windstream announced completing its acquisition of PAETEC under a merger that created an S&P 500 company.

Leave a comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>


In our Channel Influencer Awards digital issue, we highlighted eight technologies ready to "take off" in the channel this year. Which two will take off the most?

View Results

Loading ... Loading ...
The ID is: 84215