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January 4, 2008

ME approves FairPoint/ Verizon deal

After months of negotiations, the Maine Public Utilities Commission yesterday voted unanimously to approve the deal between the two companies. The three utility commissioners noted they still have concerns about FairPoint's ability to make good on its promises, but said the benefits outweigh the risks, according to the Associated Press.

The deal contains several conditions, including reducing the $2.7 billion sale price by $250 million to lighten North Carolina-based FairPoint's debt load and requiring FairPoint to make high-speed Internet access available to 90% of Maine homes by 2013, according to the Portland Press Herald.

The Maine Public Advocate and the PUC staff, which did not support the original deal, were in favor of the modified proposal. Unions representing Verizon workers continue to oppose the sale.

FairPoint and Verizon hope to close the deal by Jan. 31, according to the Press Herald, and now await nods from Vermont and New Hampshire and the Federal Communications Commission.

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