ctc



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-- Adam Bell: 704-786-2185 The Companies CT COMMUNICATIONS • Founded: 1897 as Concord Telephone Co.• Services: Include local and long-distance phone lines, high-speed Internet service, and digital wireless voice and data services
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"This is a really good deal," CTC Chief Executive Officer Mike Coltrane said
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He said he is proud of what CTC has accomplished over the years
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Coltrane's father, former CTC chair L.D."Bub" Coltrane III, died in March at 88
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"This is not a bad time to cash out with a bigger guy," Faulhaber said
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To reach that level, Windstream will need to cut 24 percent of all CTC expenses in the first year, a research report by Bank of America analyst David Barden said
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Windstream, intent on expanding in North Carolina, will acquire all outstanding shares of CTC for $31.50 a share
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Gardner said Windstream wants to maintain CTC's level of customer service and community involvement
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Mike Coltrane said he didn't know what his dad would make of the deal, but wished he were around
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Windstream will be acquiring 158,000 CTC phone and data lines, including 29,000 high-speed Internet lines, Windstream spokeswoman Alice Hartnett said
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CT Communications, a Concord mainstay for more than a century, will be sold for $585 million to an Arkansas telecommunications firm, the companies said Tuesday
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Windstream, created last year as a spinoff of Alltel, had net income of $545 million
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Coltrane said CTC had examined a potential buyout for several months and contacted more than 20 companies before narrowing it down to a few finalists
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"We are surprised that (Windstream) was compelled to pay top dollar for this relatively small property," Barden wrote
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"I'm proud we were able to do this decision from a position of strength"
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The surprise deal marks the end of local control for CTC, which has been run by the Coltrane family of Concord since its 1897 founding
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-- Staff researcher Sara Klemmer contributed
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No decision has been made on whether the CTC name will remain, but Gardner said Windstream is the brand used in all its other markets
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There has not been a takeover of this size before for one of those companies, said Nat Carpenter, communications division director of the public staff at the N.C.Public Utilities Commission
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His great-grandfather founded the business, which operated out of a bank storage room in its early years
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CTC had record profits last year, with net income of nearly $72 million, mainly from the sale of wireless partnerships
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Once the integration is complete, Windstream said, it expects to save $30 million a year, in part by becoming more efficient with marketing, administration and sales
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CTC is one of 16 local N.C.phone providers that operated before the industry was opened to wider competition in 1996
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"I wouldn't want to be a small fish these days"
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Windstream has about 240,000 N.C.lines now, and CTC will increase the overall totals for the company to approximately 3.4 million lines nationwide
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The deal, subject to regulatory approval, should be finalized in the next six months
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The deal also fits Windstream's plan to grow by acquisitions
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Companies face Internet phone service, people dropping second phone lines for broadband computer connections and customers forgoing land lines for cell phones
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• Service area: Mainly Cabarrus, Rowan and Stanly counties
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The deal lets Windstream add markets in North Carolina that are adjacent to existing ones
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Both companies said customers should not notice any short-term difference but would benefit from Windstream's size and ability to offer more products
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The days when small local phone companies could sit back and basically print money are gone, giving way to much greater competition, said Gerald Faulhaber, a telecommunications expert at the University of Pennsylvania's Wharton School
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• Services: Include phone, high-speed Internet and digital TV. • Employees: About 1,000 in the Charlotte area, part of 8,000 company-wide
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In the next couple of weeks, the companies will work to develop an integration plan
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That's a 46 percent premium from Friday's closing price of $21.58
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No decision has been made on whether there will be layoffs; Windstream CEO Jeff Gardner said that would be part of the integration process
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WINDSTREAM • Founded: 2006, though a spinoff of Alltel and merger with Valor Communications Group
May 30 '07 -Business- www.charlotte.com -ctc,windstream,companies

 
 

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