HALLOWELL, Maine (AP) - Maine has become the first state in northern New England to sign off on the $1.5 billion sale of FairPoint Communications to Illinois-based Consolidated Communications.
The Maine Public Utilities Commission voted unanimously in favor of the deal Wednesday after Consolidated agreed to invest at least $52.2 million in its infrastructure in Maine.
The negotiated agreement calls for $17.4 million of annual investments for three years starting in 2018, mostly focusing on expanding and upgrading broadband networks.
Public Advocate Tim Schneider said the deal is good for Maine because the network being acquired by Consolidated serves as the backbone for communications across the state.
Regulators in Vermont and New Hampshire have yet to vote. The companies hope to win remaining regulatory approvals and complete the sale this summer.