Business

Windstream switching to NASDAQ

Windstream, Lexington's local telephone provider, announced Wednesday that it plans to move its stock exchange listing from the New York Stock Exchange to the NASDAQ Global Select Market.

The move will be effective Dec. 10. The stock will continue to be traded under the ticker symbol WIN.

"Our switch to NASDAQ exemplifies our continued focus on shareholder value," Rob Clancy, senior vice president and treasurer for Windstream, said in a statement. "We believe NASDAQ's innovative trading platform and cost-effective services will provide increased value to both Windstream and our shareholders."

The company also announced this week that it's buying Iowa Telecommunications Services for $1.1 billion in cash and stock.

Windstream said Tuesday that the acquisition of Telecommunications Services Inc. will expand its operations into Iowa and Minnesota, adding about 256,000 phone lines, 95,000 high-speed Internet customers and 26,000 video subscribers. The deal is expected to close in mid-2010.

Arkansas-based Windstream has been snapping up rural phone companies. Three weeks ago, Windstream said it would buy NuVox Inc. for $643 million. Its acquisition of D&E Communications Inc., announced in May, was approved by Pennsylvania regulators earlier this month.

Iowa Telecom shareholders will get 0.804 shares of Windstream stock and $7.90 in cash for each share they own.

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