CenturyLink will acquire Level 3 Communications in $34B deal2016-11-01 04:14 by Daniela
Tags: CenturyLink, Level 3
CenturyLink will acquire Level 3 Communications for about $34 billion in cash and stock. The merger will give CenturyLink another 200,000 miles of fiber and will make it one of the largest communications providers for businesses.
"Together with Level 3, we will have one of the most robust fiber network and high-speed data services companies in the world," CenturyLink CEO Glen Post said in a statement.
"We see this as addressing the opportunities in the enterprise business," Level 3 Chief Executive Officer Jeff Storey said in an interview. "This is very consistent with the strategies at CenturyLink," and will help us respond to things like the accelerating demand for network bandwidth, he said.
The deal is expected to close by the end of the third quarter of 2017.
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