CHARLOTTE, N.C. — Telecommunications provider
US LEC
said Friday the Federal Trade Commission has cleared the way for the company to merge with privately held Paetec Corp.
US LEC (Nasdaq: CLEC) will become part of a new public company, Paetec Holding Corp., as will Paetec, a communications provider. The two will operate as subsidiaries of Paetec, which will trade under the CLEC symbol.
US LEC agreed to be acquired by Paetec earlier this summer. The deal, worth some $1.3 billion, is expected to close in the fourth quarter. Paetec shareholders will own two thirds of the company
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