FTS Announces Sale of Its Subsidiary to PAETEC for $13M

PAETEC Holding Corp. PAET and FTS Ltd. announced that PAETEC's wholly-owned subsidiary, PAETEC Software Corp. has signed a definitive agreement to acquire the entire assets and assume certain liabilities of Formula Telecom Solutions, Inc., a wholly-owned subsidiary of FTS, in a $13 million all-cash transaction. The purchase is expected to close in late December of 2010.