FairPoint Communications will soon have a new owner.
According to a media release, an Illinois-based company ‘Consolidated Communications’ announced it bought FairPoint for 1.5 billion dollars.
The company says it will extend the fiber optic network across 24 states.
In November, FairPoint announced that it would lay off about twenty employees in Vermont, 110 in total across the North East. Officials say the two companies’ integration planning process has just begun.
According to officials, the regulatory process is expected to take six months.
A labor union spokesperson says it’s unclear what the acquisition means for employees and further developments in the area.
“We’re cautiously optimistic about it, we’re going to have to wait and see ,it’s far too early to tell what we think is going to happen, But we’re looking forward to the chance to sit and meet with them and see what they can bring to the employees and the state of Vermont in general,” said Mike Spillane, Business Manager of IBEW Local 2326.
According to a FairPoint Representative, 310 Vermonters work at FairPoint.