CenturyTel Inc to acquire Qwest for $10.6 billion in an all stock deal
22 Apr 2010
CenturyTel Inc, the fourth largest local exchange telephone company in the US, said yesterday that it will buy Qwest Communications International Inc for $10.6 billion in an all stock deal.
Denver, Colorado-based Qwest is a leading provider of data, internet, video, and voice services in the US and internationally.
With a turnover of over $12 billion in 2009, Qwest is recognised as a leader in the network services market by leading technology industry analyst firms.
Monroe, Louisiana-based CenturyTel, a provider of a range of communications services, including local and long distance voice, wholesale network access, high-speed Internet access, other data services, and video services in 33 states across the US, will acquire Qwest in a tax-free, stock-for-stock transaction.
CenturyTel, which is changing its name to CenturyLink, said that Qwest shareholders will receive 0.1664 CenturyLink shares for each share of Qwest common stock they own at closing. Upon closing of the transaction, CenturyLink shareholders are expected to own approximately 50.5 per cent and Qwest shareholders are expected to own approximately 49.5 per cent of the combined company.
CenturyLink shareholders are expected to own approximately 50.5 per cent and Qwest shareholders are expected to own approximately 49.5 per cent of the combined company.
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