WEST POINT, Ga. – New York investment firm Welsh, Carson, Anderson & Stowe has acquired almost a majority stake in troubled telecommunications company ITC^DeltaCom (NASDAQ: ITCD).

As part of ITC’s Chapter 11 reorganization plan, which was approved last month and went into effect a week ago, Welsh Carson acquired 22.1 million shares of the company’s common stock. That total represents 49.4 percent of the outstanding stock and 44 percent of the equity in the company.

At Wednesday’s closing price of $2.12 per share, the investment is valued at $46.9 million.

Welsh, Carson, Anderson & Stowe also is heavily invested in Raleigh-based BTI and Cary-based SpectraSite Communications.

Under the reorganization, $515 million in senior debt and convertible subordinated debt was wiped off ITC’s books as bondholders exchanged debt for equity in the company. ITC also obtained $30 million from a preferred equity investment by Vice Chairman Cam Lanier and SCANA, a South Carolina-based utility company. Both were large shareholders in the company previously.

ITC provides local and long-distance phone service, enhanced data, Internet access, managed IP, network monitoring and management and operator services, as well as the sale and maintenance of customer premise equipment.

It also offers colocation, web hosting and managed and professional services. The company’s 10-state fiber optic network of almost 10,000 miles reaches approximately 175 points of presence, and it is a certified competitive local exchange carrier in 11 states, from North Carolina to Texas.

ITC^DeltaCom: www.itcdeltacom.com