FairPoint Communications
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| Public company | |
| Traded as | NASDAQ: FRP |
| Industry | Communications Services |
| Founded | 1991 |
| Headquarters | Charlotte, North Carolina, USA |
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Key people
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Paul H Sunu, Chief Executive Officer; Rose Hauser, Executive Vice President and Chief Information Officer |
| Products | Internet services, Local wireline, Cable Television |
| Revenue | $1,274.62 Million |
| $−68.53 million | |
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Number of employees
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3,300 |
| Website | Official website |
FairPoint Communications, Inc. is headquartered in Charlotte, North Carolina, and operates communication services in 31 markets in 17 states, mostly in rural areas. FairPoint services include local and long distance phone service, data, Internet, broadband, television, business communications solutions and fiber services. FairPoint along with Frontier Communications have been at the forefront of acquiring Verizon markets.
FairPoint was founded as MJD Communications Inc. in 1991, and was established as an Incumbent Local Exchange Carrier (ILEC) which gave it certain rights and obligations regarding providing service to rural areas.
The company acquired the Cass County Telephone Company in 2006, integrating its operations into FairPoint Communications Missouri. It also acquired the Germantown Independent Telephone Company in Germantown, Ohio.
In 2007, FairPoint had about 330,000 access points or customers. In that year, Verizon Communications announced plans to sell its landline operations in Maine, New Hampshire, and Vermont (Northern New England Spinco) to FairPoint for $2.7 billion. Of that amount, $1.7 billion would go to Verizon Communications in cash and debt and approximately $1.015 billion would go to Verizon shareholders in FairPoint common stock. Verizon would hold no stock.
After extensive federal and state regulatory review and approval, the purchase became effective March 31, 2008, for a price of $2.4 billion. State regulators sought a lower figure out of concerns that excess debt would hamper service and expansion.
Approximately 1.6 million phone customers and 230,000 internet users in the three states were added to FairPoint’s customer base, with the result that the Northern New England customers represented 85% of FairPoint's customers.
This increase made FairPoint Communications the 8th largest phone company in the United States. Of its nearly 4,000 employees, approximately 80% serve the Northern New England customers.
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Wikipedia