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Hawaiian Telcom sale gets final government OK

  • COURTESY HAWAIIAN TELCOM

    Ohio-based Cincinnati Bell said it now expects its acquisition will be finalized July 2 after satisfying customary closing conditions that include paying Hawaiian Telcom shareholders for their stock in the Hawaii company.

Hawaiian Telcom today cleared its final regulatory approval for its pending sale to Cincinnati Bell.

The Federal Communications Commission OK’d the $650 million deal in a written decision issued today.

Ohio-based Cincinnati Bell said it now expects its acquisition will be finalized July 2 after satisfying customary closing conditions that include paying Hawaiian Telcom shareholders for their stock in the Hawaii company.

The transaction has been in the works for about a year since the two companies announced their plan in July.

Hawaiian Telcom shareholders voted to accept the deal in November, but it was subject to several state and federal reviews.

A federal antitrust review was completed under the Hart-Scott-Rodino Act in November. In December, the Cable Television Division of the state Department of Commerce and Consumer Affairs gave its blessing with conditions, and the state Public Utilities Commission followed with a similar decision in April.

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