Uniti Agrees to Buy Elliott-Backed Telecom Firm Windstream (2)

Uniti Group Inc. has agreed to buy Elliott Management Corp.-backed Windstream Holdings in a deal that will reunite two telecommunications players that had split almost a decade ago.

Uniti shareholders will control about 62% of the combined company, with Windstream investors getting 38% in common equity, the companies said in a statement on Friday, confirming a previous Bloomberg report. Windstream holders will get $425 million in cash and the equivalent of about $575 million of preferred equity.

The companies didn’t provide an equity value for the deal. People familiar with the situation said last month that the merger could ...