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Earthlink to Acquire Deltacom for $516 Million
As reported today in The New York Times "DealBook," Paul, Weiss client ITC^DeltaCom,Inc. (Deltacom), a leading provider of integrated communications services to customers in the southeastern United States, and EarthLink, Inc., one of the nation's leading Internet service providers, have entered into a definitive merger agreement under which EarthLink will acquire Deltacom for $3.00 per share -- more than double Deltacom's Thursday closing share price of $1.45 -- in a cash transaction valued at approximately $516 million, including assumption of $325 million of debt.
The Paul, Weiss team representing Deltacom includes corporate partners Jeffrey Marell and counsel Da-Wai Hu; employee benefits partner Lawrence Witdorchic; and tax partner David Mayo.