The Federal Communications Commission has approved the acquisition of CT Communications by Windstream, the companies said Thursday.
The deal, which is worth some $585 million, was announced in May. Shareholders in CTC, which provides communications services in the Concord area, meet on Aug. 23 to vote on the offer.
Windstream, which was spun out of Alltel, is based in Little Rock, Ark. It offers telecommunications and broadband services in 16 states.
The deal offers CT shareholders $31.50 per share, a 31 percent premium over the average share price of the most recent 30 trading days. CT stock is traded on the NASDAQ under the symbol CTCI.
Windstream acquires 158,000 access lines and 29,000 broadband customers as part of the deal. Windstream already did offer some coverage area in North Carolina.
