Windstream Corporation, a provider of Internet voice and data services, plans to expand its broadband offerings by acquiring Fairport, N.Y.–based Paetec Holding Corp. in a deal worth roughly $2.3 billion, the companies announced Monday.

Windstream, which is based in Little Rock, Ark., agreed to pay about $891 million in stock, or $5.62 a share, for Paetec. Windstream is also taking on about $1.4 billion in Paetec debt as part of the deal, which is expected to close within six months.