The FCC approved the merger of US telcos Qwest Communications and CenturyLink on Friday.
The companies now expect the deal to be closed by 1 April, subject to remaining regulatory approval.
The companies said in a statement that they had made several…
The FCC approved the merger of US telcos Qwest Communications and CenturyLink on Friday.
The companies now expect the deal to be closed by 1 April, subject to remaining regulatory approval.
The companies said in a statement that they had made several voluntary commitments to the commission. These included increasing broadband service availability and preserving “competitive” rates.
Under the terms of the agreement announced back in June 2010, Qwest shareholders would receive 0.1664 shares in CenturyLink in exchange for every share of Qwest common stock they own.
When the deal is closed, CenturyLink shareholders are expected to own approximately 50.5% of the new company, with Qwest shareholders owning the rest.
The enterprise value of this transaction would be US$22.4bn, which includes CenturyLink assuming US$11.8bn of Qwest net debt that was outstanding at the end of 2009.
The financial advisers for CenturyLink are Barclays Capital, Evercore Partners and JP Morgan. The legal advisers were Wachtell, Lipton, Rosen & Katz and Jones, Walker, Waechter, Poitevent, Carrere & Denegre LLP.
The financial advisers for Qwest are Deutsche Bank, Lazard, Morgan Stanley and Perella Weinberg Partners. The legal advisers are Skadden, Arps, Slate, Meagher & Flom and Wilmer, Cutler, Pickering, Hale & Dorr LLP.
