Qwest-CenturyLink merger receives final approval
By Andy Vuong
March 25, 2011
As part of the approval from the Public Utility Commission of Oregon, the companies committed to investing at least $45 million in broadband infrastructure in the state over five years.
"With the PUC's
approval, CenturyLink and Qwest are another step closer to
completing the merger and leveraging their combined strength to
develop and deploy innovative communications services for
CenturyLink plans to
take over Qwest's operations on April 1. The combined company,
to be called CenturyLink and serve more than 15 million phone
customers in 37 states, will be based at CenturyLink's
Under terms of the deal, Qwest shareholders will receive 0.1664 CenturyTel shares for each Qwest share. The deal is valued at more than $20 billion when factoring in the assumption of nearly $12 billion in debt.
At the end of 2010, CenturyLink served 2.4 million broadband customers and 6.5 million access lines. Qwest has about 2.9 million broadband customers and 8.9 million access lines.