Citizens Communications agreed to acquire Commonwealth Telephone Enterprises Inc. for $41.72 per share, in a cash-and-stock taxable transaction, for a total consideration of $1.16 billion, based on the closing price of Citizens’ common stock on September 15, 2006.
The combined company will be the 7th largest local telephone exchange company in the U.S., with pro forma annual revenues of approximately $2.4 billion and operations across 23 states. Upon completion of the acquisition, Citizens, which operates under the brand name of Frontier, will have approximately 2.6 million access lines, 388,000 High-Speed Internet subscribers and 6,600 employees. The company will serve 439,000 lines in Pennsylvania, about 19% of this market.
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