Citizens Communications acquires Commonwealth Telephone in $1.29 billion deal

By Lisa Kerner

Charlotte, N.C., March 8 - Citizens Communications Co. completed the acquisition of Commonwealth Telephone Enterprises Inc. for approximately $1.29 billion, according to a company news release.

The companies announced the terms of the transaction on Sept. 18.

Commonwealth shareholders will receive $31.31 in cash and 0.768 shares of Citizens common stock for each share of Commonwealth common stock.

"This acquisition is a natural extension of our current Pennsylvania markets and will provide synergies and economies of scale that will allow us to remain competitive in the long run," Citizens Communications chairman and chief executive officer Maggie Wilderotter said in the release.

Commonwealth is a Dallas, Pa., telecommunications company. The company (Nasdaq: CTCO) closed at $42.47 on March 7.

Citizens Communications (NYSE: CZN), a Stamford, Conn., telecommunications services provider, closed at $14.44 on March 7.

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