PAETEC Corp. and US LEC Corp. have completed their $450 million merger and the combined company began trading Thursday on the NASDAQ Syock Market under the symbol PAET.
The combined company will conduct business as PAETEC Holding Corp. The merger, which was announced Aug. 14, was approved by both companies’ stockholders on Wednesday.
The new PAETEC has nearly 2,300 employees serving more than 45,000 medium and large business customers. The company offers voice, data and IP services, as well as enterprise communications management software, network security solutions, CPE and managed services.
US LEC stockholders are receiving one share of PAETEC common stock for each share of US LEC common stock, and PAETEC Corp. stockholders are receiving 1.623 shares of PAETEC common stock for each share of PAETEC Corp. common stock.
Arunas Chesonis will continue to serve as PAETECs CEO and chairman of the board. Richard Aab, co-founder of US LEC, will serve as vice chairman of the board. PAETEC will be headquartered in Fairport, N.Y., and will maintain operations in Charlotte, N.C.
PAETEC executives rang the opening bell at NASDAQ on Thursday.
PAETEC Corp. www.paetec.com
US LEC Corp. www.uslec.com