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Paetec to Buy McLeodUSA

The deal is worth $492 million.
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Paetec Holding


agreed to acquire privately held fiber-network operator McLeodUSA for $492 million in stock.

Additionally, Paetec will assume $65 million of debt. McLeodUSA currently owns and manages one of the largest high-capacity fiber networks in the nation, spanning 20 states in the Midwest, Southwest, Northwest and Rocky Mountains, Paetec said.

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Paetec was up 3 cents at $12.16 early Monday.