CenturyTel and Qwest Announce Merger
Apr 22, 2010 Company News, Mergers & Acquisition
Telecom companies CenturyTel (CTL) and Qwest Communications (Q) are announcing this morning, that the boards of both companies have approved a merger agreement under which CenturyTel will acquire Qwest for roughly $22.4 billion, including assumption of Qwest’s outstanding $11.8 in debt.
Under the terms of the deal, Qwest shareholders will receive 0.1664 CenturyTel shares for each of their Qwest shares. CenturyTel’s shares closed at $36.20 on Wednesday, while Qwest’s shares closed at $5.24. Based on CenturyTel’s closing price on Wednesday, CenturyTel is offering $6.02 for each Qwest share.
Upon completion of the deal CenturyTel shareholders will own 50.5% of the combined entity, with Qwest shareholders owning the remaining 49.5%.
More on this topic
(What's this?)
Qwest being acquired for an unpleasantly small premium...but there's no rush for us to sell (Q, CTL)
(AlphaNinja, 4/22/10)
CenturyLink, Qwest To Exchange Vows & Merge
(Telecom Ramblings, 4/22/10)
Qwest Unveils Hosted UC
(Telecom Ramblings, 4/7/10)
Tags: acquisitiion, centurytel, merger, qwest
