Mergers and Acquistions News
Categories: Telecoms
April 27th 2010, 12:31PM
Broadband and telecoms provider CenturyLink is to acquire Qwest Communications in a tax-free, stock-for-stock transaction valued at approximately $22.4 billion (£14.6 billion).
It is believed that the combination of the two telecoms firms will allow it to offer new broadband products over its advanced networks and is expected to generate operating and capital synergies of approximately $625 million (£406 million) over a three to five-year period.
The two companies serve a total of around five million broadband customers, 17 million access lines and 850,000 wireless subscribers.
Glen F Post, chief executive officer and president of CenturyLink, said the combined company's national network will enhance the company's ability to deliver customised solutions to its customers throughout the US.
"In addition, we will still maintain the focus on our local markets through our effective regional operating model and targeted marketing strategies," he added.
Last year, CenturyTel acquired Embarq Corporation for $11.6 billion (£7.5 billion), rebranding itself as CenturyLink as a result of the merger.
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