Investing.com – CenturyLink (NYSE:CTL) said Monday to buy Level 3 in stock/cash deal worth $34 bn including debt.
Merged company to be second largest domestic communications provider.
Level 3 shareholders to receive $26.50/share cash; 1.4286 CenturyLink shares for 1 Level 3.
Offer at $66.4/share, 42% premium to Lelevel 3 closing share price on October 26.
Deal to generate $975 mn in annual run-rate cash synergies; cash flow accretive in first year.
CenturyLink plans to maintain $2.16 annual dividend per share.