CenturyLink closes $34B Level 3 Communications buyout

|By:, SA News Editor

As planned, CenturyLink (CTL -5.8%) closed its $34B acquisition of Level 3 Communications (NASDAQ:LVLT) today, creating a network services company with estimated 12-month pro forma revenues of $24B.

Holders of Level 3's common stock as of immediately prior to closing 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% of the combined company, while former Level 3 shareholders own 49%.

The combination expects that 75% of core revenue will come from business customers, and nearly two-thirds from strategic services.

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