Century Link buys Level 3
US telecom group CenturyLink is acquiring Level 3 Communications for US$34 billion including debt, boosting its position as a global internet and fibre communications provider.
The deal provides a 42 percent premium to Level 3 shareholders as of October 26, when talk about the tie-up began.
The acquisition gives CenturyLink, the third largest US telecom carrier behind Verizon and AT&T, a presence in more than 60 countries and positions it to boost its broadband infrastructure for businesses and consumers.
Upon closing, CenturyLink shareholders will own 51pc and Level 3 shareholders 49pc of the combined company.
CenturyLink, which began as a regional telephone firm, became the number three US telecom group in 2010 with the acquisition of the large regional carrier Qwest. –