China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Telecom firm Paetec to buy McLeodUSA
NEW YORK (Reuters) - Telecommunications company Paetec Holding Corp (PAET.O) has agreed to acquire privately held McLeodUSA for $492 million to compete better with rivals, a Paetec spokesman said on Monday.
Including $65 million in debt, the deal is worth $557 million, spokesman Chris Muller said.
After the deal is completed, Paetec is expected to have an equivalent of 3.4 million access lines and 17,000 miles of fiber-optic routes, Muller said.
The deal improves its ability to offer local phone, long-distance and data services and will help it compete with AT&T (T.N) and Verizon Communications Inc (VZ.N), Muller said.
The deal is expected to close in the first quarter of 2008, Muller said.
The Wall Street Journal earlier reported news of the deal on its Website.
(Reporting by Lewis Krauskopf)
