LITTLE ROCK, Ark. -- Windstream Corp. (Nasdaq:WIN) announced today it has completed its acquisition of PAETEC Holding Corp. in a transaction valued at approximately $2.3 billion.

PAETEC shareholders received 0.460 shares of Windstream stock for each PAETEC share owned at closing. Windstream issued shares and assumed equity awards representing approximately 73.4 million shares of Windstream stock valued at approximately $863 million, based on the company's closing stock price on Nov. 30, 2011. Windstream also assumed PAETEC's net debt of approximately $1.4 billion.

"The addition of PAETEC strengthens Windstream in important ways," said Jeff Gardner, Windstream's president and CEO. "PAETEC brings tremendous enterprise-level expertise and product offerings to enhance our already robust business division. Its customer-focused culture dovetails with Windstream's commitment to superior service. And its extensive fiber network and complementary markets make Windstream a formidable nationwide communications and technology solutions provider."

Windstream Communications Inc. (Nasdaq: WIN)