Stockholders of PAETEC Holding Corp. on Thursday approved the proposed merger with Windstream Corp., moving closer to finalizing the deal by the end of the year.
About 99 percent of the shares voting at the special meeting of stockholders approved the merger, PAETEC said. That figure represented roughly 81 percent of PAETECs total outstanding shares of common stock as of Sept. 12, 2011.
On Aug. 1, Little Rock, Ark.-based Windstream announced an agreement to buy PAETEC by issuing roughly 73 million shares of stock valued at $891 million and assuming or refinancing $1.4 billion in debt.
The companies, which posted combined 2010 revenues of $5.3 billion, expect the deal to close by the end of the year.
In other news, Fairport, N.Y.-based PAETEC announced plans to release its third-quarter results on Friday, Nov. 4 the same day Windstream reports its 3Q earnings.