Vermont approval moves Verizon, FairPoint transaction closer to completion

By Lisa Kerner

Charlotte, N.C., Feb. 15 - The Vermont Public Service Board approved FairPoint Communications, Inc.'s proposed acquisition of Verizon Communications, Inc.'s wireline business in Vermont, it was announced on Friday.

As previously reported, under the terms of their Jan. 16, 2007 agreement, FairPoint will acquire Verizon's wireline operations in Vermont, Maine and New Hampshire.

Completion of the transaction remains subject to approval by the New Hampshire Public Utilities Commission. The Federal Communications Commission has approved the assignment of authorizations and licenses in the proposed acquisition.

The written order from Vermont, along with a prior approval from the Maine Public Utilities Commission, puts FairPoint "on the cusp" of closing the transaction, FairPoint chairman and chief executive officer Gene Johnson said in a company news release.

On Jan. 31, Verizon and FairPoint extended the termination date under their merger agreement to March 1 from Jan. 31.

Verizon, based in New York, delivers broadband and other wireline and wireless communication solutions.

Charlotte, N.C.-based FairPoint is a provider of communications services to rural communities.

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