Windstream to acquire Iowa Telecommunications Services, Inc.
• Improves company’s financial position with free cash flow accretive transaction that lowers dividend payout ratio while maintaining solid balance sheet
• Provides approximately $35 million in annual expense and capital savings
• Includes tax assets with an estimated net present value of approximately $130 million
• Grows rural footprint with expansion into Iowa and Minnesota and adds approximately 256,000 access lines, about 95,000 high-speed Internet customers and about 26,000 digital TV customers
• Iowa Telecom Chairman and CEO Alan Wells to join Windstream board of directors
Release date: Nov. 24, 2009
LITTLE ROCK, Ark. - Windstream Corporation (NYSE: WIN) announced today that it has entered into a definitive agreement to acquire Iowa Telecommunications Services, Inc. (NYSE: IWA), based in Newton, Iowa, in a transaction valued at approximately $1.1 billion.
Iowa Telecom shareholders will receive 0.804 more