WEST POINT,ITC DeltaCom is expanding its coverage footprint in the Southeast, acquiring two Florida-based communications firms in deals worth some $180 million in stock.
ITC DeltaCom will issue 31.3 million shares of stock for Florida Digital Network and another 8.85 million shares for NT Corporation, the parent firm of Network Telephone Corp.
ITC DeltaCom (Nasdaq: ITCD) stock closed up 27 cents, or 6 percent, at $4.67 on Wednesday.
Welsh, Carson, Anderson & Stowe remains the majority owner of ITC DeltaCom with 38 percent of voting equity.
Mike Gallagher, CEO of Florida Digital Network, will become president of business services for ITC DeltaCom. Leo Cyr, president and COO of NTC, will become COO of ITC DeltaCom.
The acquisitions will add 257,000 access lines to ITC DeltaCom’s customer base, increasing it overall to more than 635,000.
ITC DeltaCom: www.itcdeltacom.com