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- Unity group (NASDAQ:UnitWindstream Holdings II LLC and Windstream Holdings II LLC have agreed to merge in a deal that will combine Uniti's nationwide wholesale fiber network with Windstream's fiber-to-the-home business, the companies said on Friday.
- Under the terms of the deal, Windstream shareholders will do so Receive $425 million in cash, $575 million of preferred stock in the new combined company, and common stock representing approximately 38% of the outstanding common stock of the combined company.
- Uniti (UNIT) shareholders will receive approximately 62% of the outstanding common stock of the combined company.
- Some of Windstream's largest shareholders, including Elliott Investment Management, which is also the current holder of Uniti's stock and debt, will transfer all of the value of their Windstream investments to the combined company. The structure of the deal allows the existing debt structures of both companies to remain in place upon closing, reducing financing requirements and costs.
- “We are confident that given Uniti's focused strategy, unique position and proven management team that will draw on leaders from both organizations, the combined company will be well positioned to realize its potential,” said Johannes Weber, portfolio manager at Elliott.
- Under development… Check back for updates.