CenturyTel has struck a deal to acquire Qwest Communications for $10.6 billion, marking one of the largest telecommunications deals in recent years. The stock-for-stock transaction gives Qwest shareholders a 15 percent premium over the company’s April 21 closing price.
The merged company will serve 5 million broadband customers, operating 17 million phone lines in 37 states. CenturyTel has been publicly traded under the name CenturyLink since it acquired Embarq, a landline phone company, in 2008.
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