Level 3 and CenturyLink shareholders OK merger

Shareholders from CenturyLink Inc. and Broomfield-based Level 3 Communications approved the merger of the two telecoms Thursday.

The combined company will be based in Monroe, La., which is CenturyLink’s headquarters. But the company will continue to have a presence in Colorado and the Denver area.

According to SEC filings, Level 3 stockholders will receive $26.50 per share in cash and 1.4286 shares of CenturyLink stock for each Level 3 share. Level 3 shareholders will own 49 percent of the company once the deal is completed, which isn’t expected until Sept. 30.

In a statement, CenturyLink CEO Glen F. Post said, “This expanded network should allow us to bring substantial operational and service benefits to our enterprise customers, as well as an enhanced customer experience.”

The merger has already received state regulatory approvals in Ohio,

Utah, Nevada, Georgia and West Virginia, and clearances in Connecticut, Indiana and Louisiana, said CenturyLink spokesman Mark Molzen. The companies still need the blessings from other state, federal and international agencies.

Level 3 moved to Colorado in the 1990s and built a massive internet fiber pipeline connecting cities, countries and continents. The companies announced in October that they would merge.

At the time, the combination meant CenturyLink would gain 200,000 miles of fiber-optic networks in the deal, while Level 3 would reduce operating losses by $10 billion.

CenturyLink, which acquired Denver’s Qwest Communications in 2011, has 4,600 employees in Colorado, Molzen said. It’s also a major provider of consumer internet services.