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Actor Bernsen enjoying ride of derby movie project
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Published on Tuesday, Sep 16, 2008
Beacon Journal staff report
First Communications Inc. of Fairlawn announced on Monday that it has signed a merger agreement to give Renaissance Acquisition Corp. majority ownership of the telecommunications company.
The deal calls for the investment firm to initially acquire a 59.2 percent share in First Communications for about $249 million in stock and cash.
If financial targets in the pact are achieved in three years, current First Communications stockholders would get additional cash and stock that would make them majority owners of the combined company, said Jamie Rowlands, vice president of sales operations for First Communications.
Akron-based FirstEnergy Corp. owns a 13 percent stake in First Communications.
The merger is expected to close by the end of the year, Rowlands said.
At that time, First Communications will stop being traded on the Alternative Investment Market of the London Stock Exchange and instead seek to be listed for U.S. trading on the Nasdaq.
First Communications has about 390 employees, including 200 in the Fairlawn headquarters, Rowlands said.
The company intends to keep the same headquarters, staffing and leadership team after the merger, Rowlands said.
First Communications has more than 214,000 customers in the Midwest.
The company also is acquiring Globalcom, which serves Chicago-area businesses, for $58.5 million. That deal is expected to close in October.
Get the full article here.
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