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Verizon Sets March 31 Closing Date for FairPoint Deal

5:55 am on February 28, 2008 | Category: Business, Corporate, Telephone

America’s second largest telephone carrier, Verizon Communications, said Tuesday that it is aiming to close the planned sale of its telecom businesses in norther New England on March 31.

The deal will cover Verizon’s fixed-line telephone and high-speed internet operations in Maine, Vermont, and New Hampshire.

The announcement of a specific date came just one day after regulators in New Hampshire approved the proposed acquisition of Verizon’s business in the states, removing the final significant regulatory barrier.

Verizon will legally spin off the assets to shareholders of record on March 7, then allow those assets to be acquired by FairPoint, leaving Verizon shareholders with a 60% share in the newly combined company.

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