Paetec to buy Cavalier for $460 million: report
(Reuters) - Telecommunications company Paetec Holding Corp PAET.O has agreed to acquire privately held rival Cavalier Telephone LLC for $460 million in cash, the Wall Street Journal reported.
The deal, through which Paetec seeks to boost its fiber-optic-network business amid surging broadband use in homes and offices, has been approved by the boards of both companies and is expected to close in four to six months, the WSJ said.
"This is a fantastic deal for us because of (Cavalier's) strong presence in the mid-Atlantic and Northeast," where Paetec also has a stronghold, Paetec Chief Executive Arunas Chesonis said in an interview with the Journal on Sunday.
Fairport, New York-based Paetec provides data, voice and Internet solutions to business-class customers. Virginia, headquartered Cavalier provides telecommunications solutions for business and consumer customers, including network and data solutions for carriers.
Paetec and Cavalier could not be reached for comments by Reuters.
(Reporting by Krishna N. Das in Bangalore; Editing by Hans Peters)
NEW YORK - Stocks slid on Wednesday after legislators in Washington reached a provisional budget deal, which increased investor expectations that the Federal Reserve may wind down its stimulus in the coming months.
WASHINGTON - U.S. small business sentiment bounced back from a seven-month low in November, with owners setting their sights on creating more jobs and expanding operations.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.