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.