Davis Polk is advising J.P. Morgan Securities LLC and Stephens, Inc. as financial advisers to Windstream Corp. in connection with its stock-for-stock acquisition of PAETEC Holding Corp. Including assumed debt, the transaction values PAETEC at approximately $2.3 billion. The transaction, which is expected to close within six months, is subject to certain conditions, including necessary approvals from federal and state regulators and PAETEC shareholders.

Windstream Corp., headquartered in Little Rock, Arkansas, is an S&P 500 communications and technology solutions provider with operations in 29 states and the District of Columbia and about $4 billion in annual revenues. PAETEC, headquartered in Fairport, New York, is a Fortune 1000 company engaged in personalizing communications and energy solutions in 86 of the top 100 metropolitan areas across the United States. 

The Davis Polk corporate team includes partner Phillip R. Mills and associate Rahael Seifu, both of the New York office.