Hawaiian Telcom shareholders approve sale to Cincinnati Bell

Updated: Nov. 8, 2017 at 4:58 AM HST
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HONOLULU (AP) - Hawaiian Telcom's shareholders have approved a $650 million cash-and-stock sale to Cincinnati Bell.

The Honolulu Star-Advertiser reports that the two telephone service companies expect the deal to close in the second half of 2018. The transaction still requires regulatory approvals from the Federal Communications Commission, the Hawaii Public Utilities Commission and the state Department of Commerce and Consumer Affairs.

The deal cleared the Hart-Scott-Rodino Act review period with the Federal Trade Commission and the Department of Justice.

Hawaiian Telcom would continue to operate under the same name and maintain its local management and branding.

Stockholders will have the option to elect either $30.75 in cash, 1.6305 shares of Cincinnati Bell common stock, or a mix of $18.45 in cash and 0.6522 shares of Cincinnati Bell common stock for each share of Hawaiian Telcom.

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