Windstream and Uniti Reunite in Landmark $13.4 Billion Merger Deal

Windstream and Uniti Join Forces Again – A Milestone $13.4 Billion Merger Deal Reshapes Telecom Landscape!

The proposed $13.4 billion merger between privately-held Windstream and publicly-traded Uniti Group marks a significant reunion for two Little Rock-based companies that were once part of the same entity.

Uniti Group, formerly known as CS&L, separated from Windstream nearly a decade ago, evolving into a real estate investment trust (REIT) owning wireless towers and fiber operations. Meanwhile, Windstream remained a telecommunications and broadband company with a strong presence in the Midwest and Southeastern U.S. Despite their separation, the two companies found themselves embroiled in years of litigation over contract disputes, which contributed to Windstream’s reorganization bankruptcy in the late 2010s. Notably, Windstream remains Uniti’s largest customer.

Now, with the approval of both companies’ boards of directors, the proposed merger aims to reunite the entities. The deal, valued at $13.4 billion, includes approximately $4.4 billion in company revenues, $8 billion in corporate debt, $425 million in cash, and $575 million in preferred equity. The merger promises to create a formidable force, initially serving over 1.1 million customers and 1.5 million existing homes, with a robust presence in the Midwest and Southeast regions.

Windstream and Uniti Reunite in Historic $13.4 Billion Merger As Telecom Titans Realign

Uniti President and CEO Kenny Gunderman expressed optimism about the merger’s potential, highlighting the opportunity for disciplined growth and expanded fiber-to-the-home (FTTH) buildouts. Gunderman, along with Uniti’s CFO Paul Bullington, will lead the combined company, which will operate under the ticker symbol “UNIT” and remain headquartered in Little Rock.

Key members of Windstream’s management team are expected to transition to the merged entity, ensuring continuity and leveraging expertise from both organizations.
The transaction, subject to regulatory and shareholder approval, is anticipated to close in the second half of 2025. Windstream shareholders stand to receive $425 million in cash, $575 million in preferred equity, and common shares representing approximately 38% of the combined company’s outstanding common equity.

Elliott Investment Management, Windstream’s largest shareholder, expressed support for the merger, citing its compelling strategic rationale and potential for enhanced value creation.
Within 36 months of closure, the combined business hopes to generate $20–$30 million in planned annual capex savings and up to $100 million in projected annual synergies. As synergies are achieved, more free cash flow enrichment is anticipated to benefit Windstream stockholders.

With a strong foundation and strategic alignment, the Windstream-Uniti merger signals a significant step forward in unlocking value and driving growth in the telecommunications and real estate sectors.