December 13, 2007 / 11:35 PM / 11 years ago

FairPoint agrees on clauses to buy Verizon's Maine wireline ops

Dec 13 (Reuters) - FairPoint Communications Inc FRP.N reached an agreement with several parties involved in its proposed acquisition of Verizon Communications Inc’s (VZ.N) wireline operations in Maine.

FairPoint will expand its broadband initiative in Maine with a five-year, $40 million investment, the rural telecommunications provider said in a statement.

The company also agreed to reduce the anticipated post-merger dividend rate of 35 percent, beginning with the first full quarterly dividend to be paid after the close of the deal. (Reporting by Aditi Samajpati in Bangalore; Editing by Pratish Narayanan)

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