Windstream (NASDAQ: WIN ) has formed a holding company -- called Windstream Holdings -- which will be a publicly traded parent company of Windstream and its subsidiaries. Windstream said in a press release today that the new company will trade on Nasdaq under the existing Windstream ticker symbol beginning Sept. 3.
The company said in a statement that, "The new ownership design will enhance Windstream's corporate structure and provide greater financial and strategic flexibility in the future. In addition, the new structure mirrors that of other companies in the telecommunications industry."
Existing shares of Windstream will convert to equivalent shares of Windstream Holdings today at 4 p.m. EST on a one-for-one basis. The company said current shareholders don't have to take any action in order for the shares to convert and dividend practices will remain the same.
Windstream's current board of directors will now oversee both companies.