March 26, 2010 (FinancialWire) — Iowa Telecommunications Services, Inc. (NYSE: IWA) said that its shareholders voted to approve a merger agreement, dated as of November 23, 2009, providing for the acquisition of Iowa Telecom by Windstream Corp. through a merger of Iowa Telecom into a wholly-owned subsidiary of Windstream.

Of the shares voted at TODAY’s special meeting, 97.8% were cast in favor of adoption of the merger agreement, according to the company.

On November 23, 2009, Iowa Telecom entered into a merger agreement under which Windstream will acquire Iowa Telecom. Under the merger agreement, each outstanding share of Iowa Telecom common stock will be converted into the right to receive $7.90 in cash and 0.804 shares of common stock of Windstream. Completion of the merger remains subject to regulatory approval by the Federal Communications Commission, regulatory approval by the Iowa Utilities Board, and other customary conditions to closing.

The merger is scheduled to close in mid-2010, assuming satisfaction or waiver of all of the conditions to the merger.

Iowa Telecommunications Services is a telecommunications service provider that offers local telephone, long distance, Internet, broadband and network access services to business and residential customers.

The company serves more than 450 Iowa communities and 16 Minnesota communities and employs nearly 800 people.

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