Vermont, FairPoint buyer reach agreement
MONTPELIER, Vt. (AP) — The state of Vermont has reached an agreement with the company buying FairPoint Communications that moves the sale closer to being approved.
The Vermont Department of Public Service says Consolidated Communications of Illinois has agreed to most of the state's requests, including reinvesting an average of 14 percent of its Vermont business in its statewide system.
Maine and New Hampshire regulators have approved the sale.
Vermont Public Radio reports Consolidated has agreed to reinvest 13 percent of its New Hampshire revenues into system improvements and to make $17.4 million annual investments in Maine for three years.
Vermont's agreement must be approved by the Public Service Board.
Consolidated announced plans last year to buy FairPoint. Under the agreement, Consolidated will assume FairPoint's debt and offer dividends to stockholders.