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CenturyLink Moves Closing Date for $34B Level 3 Acquisition to October

CenturyLink (NYSE: CTL) has pushed back the projected closing date for its pending $34 billion acquisition of Level 3 Communications (NYSE: LVLT) through a cash-and-stock transaction from Sept. 30 to mid-to-late October.

The revised timeframe for the transaction’s intended closure was based on the California administrative law judge’s recommendation for the California Public Utilities Commission to clear the deal at its Oct. 12 meeting, CenturyLink said Tuesday.

CenturyLink CEO Glen Post said 24 states and territories have cleared the transaction since the start of the regulatory approval process.

“We are working to obtain the remaining approvals, including the State of California, the Department of Justice, and the Federal Communications Commission, and want to give the regulators time to complete their review process,” Post noted.

“We view the slight delay in our projected closing date as manageable, and it does not affect our integration planning process,” he added.

The companies originally announced their planned merger in October 2016.

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