Arkansas-based telecommunications provider, Alltel, has completed a $4.9 billion deal to merge its landline telephone division with Valor Communications Group, to create a new company called Windstream Corporation.
Windstream will is set to start trading as an independent company later today on the New York Stock Exchange. It will serve a total of 3 million households in 16 states.
The CEO of Alltel, Scott Ford, says that by spinning off its landline division, the company will be able to focus all of its energies on the high-profit wireless voice and data business. This strategy is strikingly similar to that of Sprint Nextel, which spun off its landline unit as a new company called Embarq.
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