CenturyLink now anticipates the Level 3 transaction to close in mid-to-late October 2017.
CenturyLink updated its closing timeframe based on a proposed decision filed by the California Administrative Law Judge, who last weel recognized that the combination of CenturyLink and Level 3 is in the public interest and is recommending the California Public Utilities Commission approve the transaction at its Oct. 12 meeting.
“Since we began the regulatory approval process, 24 states and territories have approved or cleared CenturyLink’s acquisition of Level 3 and recognize this transaction is clearly in the public interest and will be good for competition in the enterprise market,” said Glen F. Post III, CenturyLink chief executive officer and president. “We are working to obtain the remaining approvals, including the State of California, the Department of Justice, and the Federal Communications Commission, and want to give the regulators time to complete their review process.”
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CenturyLink to Acquire Level 3 for $34 Billion
CenturyLink agreed to acquire Level 3 Communications in a cash and stock transaction valued at approximately $34 billion, including the assumption of debt. The deal combines CenturyLink’s larger enterprise customer base with Level 3’s global network footprint. The companies said this scale will enable further investment in the reach and speeds of its broadband infrastructure for small businesses and consumers
