Windstream is issuing $891 million in stock and assuming Paetec's $1.4 million in debt as part of the deal that will increase Windstream's revenue to $6 billion. The companies received clearance for the deal from federal regulators on Nov. 22.
Paetec offers phone, Internet, cloud computing, software management and other business services similar to Windstream's. Paetec has business in 86 percent of the top U.S. metro areas, including Allentown-Bethlehem, Erie, Philadelphia and Pittsburgh.
The company has more than 300 customers in the Harrisburg and York areas, in addition to a major fiber-optic line that runs through Central Pennsylvania, according to Paetec.
Windstream, which acquired Ephrata-based D&E Communications two years ago, trades its stock on the Nasdaq under the ticker symbol WIN.