After waiting months for state-by-state regulatory approvals, CenturyLink and Qwest are ready to move ahead as one, effective April 1. The Federal Communications Commission on Friday approved the pending merger between the two companies.
The merger didnt come without a price; many of the states required the pair to make investments in broadband infrastructure before they would give the team-up their OK. The FCC noted those concessions in giving its approval, saying the companies were mindful of protecting consumers and fostering competition.
The merger of CenturyLink and Qwest will bring greater broadband availability to customers and serves the public interest by allowing us to offer a wider variety of services than either company could offer alone,” said Glen F. Post, III, chief executive officer and president of CenturyLink.
Its a $12.2 billion deal that brings together the nations third and fourth-largest traditional phone companies. The combined company covers customers in 37 states, including more than 15 million access lines and 5 million broadband connections.
The phone giants will operate as one under the name CenturyLink and its stock will continue to trade on the New York Stock Exchange under CenturyLinks current symbol, CTL.