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. Last Updated: 07/27/2016

IXC Sold for $2.2Bln

NEW YORK -- Regional phone company Cincinnati Bell Inc. says it has agreed to buy telecommunications service provider IXC Communications Inc. for $2.2 billion in stock.

The deal, in which Cincinnati Bell will assume $700 million of IXC debt, will add IXC's high-speed fiber-optic network to Cincinnati Bell's phone assets in Ohio and elsewhere in the Midwest.

Cincinnati Bell said shareholders representing 43 percent of IXC's 50 million outstanding shares had committed to vote their shares in support of the deal. The boards of directors of both companies approved the transaction Tuesday.