Regulators Sign Off on FairPoint Deal
The sale of FairPoint to Illinois-based Consolidated Communications is expected to close on Monday.
FairPoint is the largest telephone service provider in northern New England and a provider of broadband in New Hampshire, Vermont and Maine. The company went bankrupt in 2009. It reorganized but continued to lose money.
Consolidated announced plans to buy the company in December for about 1.5 billion dollars.
Since then, the deal has been winding through the regulatory process. In an agreement with New Hampshire regulators, Consolidated committed to spending about a million dollars per year for three years on improvements in areas where service quality has been an issue.