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The companies said that this ratio represents a 13 percent premium to the average exchange ratio of 0.721x over the month ended Nov. 3, 2016, the most recent unaffected trading day. Windstream expects to issue approximately 93 million shares of stock valued at approximately $673 million, based on the company’s closing stock price on Nov. 4, 2016. When the acquisition closes, Windstream shareholders will own approximately 51 percent and EarthLink shareholders will own approximately 49 percent of the combined company. Following the closing of the acquisition, Tony Thomas will continue to serve as president and CEO and Bob Gunderman will serve as CFO of the combined company. A number of EarthLink management members are expected to join the combined company to ensure a smooth integration. Three of EarthLink’s existing directors will join the current Windstream board of directors, bringing the total number of directors of the combined company’s board to twelve. Set to close next year, the combined company, which will continue to use the Windstream name, will be headquartered in Little Rock, Arkansas, and maintain offices in key U.S. markets. Windstream’s acquisition of EarthLink marks the latest deal in the rapidly consolidating wireline business services market. Last week, fellow telco CenturyLink reached a deal to acquire Level 3 Communications for $34 billion.