Cloud Services

CenturyLink's $34B Deal for Level 3 to Close This Week

CenturyLink said Monday that the FCC has given approval for its $34 billion buyout of Level 3, meaning that -- as expected -- the deal should now close within days.

"The FCC's approval of CenturyLink's acquisition of Level 3 is great news and means we now have all the regulatory approvals we need to close the transaction," said John Jones, CenturyLink SVP for public policy and government relations, in a statement. "We anticipate closing the transaction effective November 1, 2017."

The completition was anticipated after the Federal Communications Commission (FCC) restarted its merger clock earlier this October. (See FCC Restarts Approval Clock for CenturyLink & Level 3.)

CenturyLink Inc. (NYSE: CTL) started the process to buy Level 3 Communications Inc. (NYSE: LVLT) in a $34 billion cash and stock deal a year ago, on Halloween 2016. The merger will create a company that combines a massive enterprise customer base with a network footprint spanning more than 60 countries. (See CenturyLink Splashes $34B on Level 3 Buy and DOJ Blesses CenturyLink, Level 3 Merger... With Conditions.)

The FCC approval comes as the long-awaited merger deal between Sprint Corp. (NYSE: S) and T-Mobile US Inc. is reported to have hit a rocky patch. (See Source: Egos 'Cloud' Sprint/T-Mobile Talks.)

— Dan Jones, Mobile Editor, Light Reading

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