CenturyLink has announced plans of a merger agreement under which CenturyLink will acquire Level 3 in a $34 billion stock and cash deal.
After the deal closes, CenturyLink shareholders will own 51 percent of the combined company, with Level 3 shareholders owning 49 percent.
The combined company will have the ability to offer CenturyLink's larger customer base the benefits of Level 3's global footprint with a combined presence in more than 60 countries. In addition, the combined company will be positioned to further invest in the reach and speeds of its broadband infrastructure for small businesses and consumers.
The deal which requires approval from federal regulators is expected to close by the end of the third quarter in 2017.
