- Windstream (NASDAQ:WIN) +5.4% premarket on plans to spin off its fiber and copper networks, as well as other real estate, into a publicly traded REIT.
- WIN's board of directors approve the plan following receipt of a favorable private letter ruling from the IRS; WIN says the tax-free separation will enable it to reduce debt by ~$3.2B and free up cash flow to invest in broadband.
- The REIT will lease use of the assets to WIN with an initial estimated rent payment of $650M/year.
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