CenturyLink, Inc. (CTL) (NYSE: CTL) completed its acquisition of Level 3 Communications, Inc. The action was expected following the FCC’s completion of its merger review on Monday. The DOJ previously signed off on the deal,Inside Towers reported.
The combined company has estimated pro forma revenues of $24 billion for the trailing twelve months ended June 30. The “new” CenturyLink anticipates about 75 percent of its core revenue will come from business customers and nearly two-thirds of its core revenue will come from strategic services. CenturyLink’s network now connects more than 350 metropolitan areas with more than 100,000 fiber-enabled, on-net buildings, including 10,000 buildings in EMEA and Latin America.
Those who held Level 3’s common stock just before the deal closed will receive $26.50/share in cash and 1.4286 shares of CenturyLink stock for each Level 3 share owned. CenturyLink shareholders then own about 51 percent of the combined company, while former Level 3 shareholders own 49 percent.
November 2, 2017