CenturyLink (NYSE: CTL) has wrapped up its $34 billionÂ acquisition of Level 3 Communications.
The mergerâs completion creates a combined entity with $24 billion in estimated pro forma annual revenueÂ and a global network that links at least 350 metropolitan areas with over 100,000 on-net, fiber-equipped buildings, CenturyLink said Wednesday.
The new network services provider expects to generate approximately 75 percent of its core revenue from business clients with nearly two-thirds of that revenue coming from strategic services.
CenturyLink CEO Glen Post said the combined company will now provide an expanded portfolio of communications platforms designed to meet clientsâ information technology and networking requirements.
Level 3âs stockholders will get $26.50 per share in cash and 1.4286 shares of CenturyLinkâs stock for each share they owned.
The combined entity will operate with approximately 52,500 employees worldwide and will be based in Monroe, Louisiana, while retaining operations in Colorado and the DenverÂ metropolitan area.
CenturyLink stockholders now own approximately 51 percent of the new firm, while Level 3 shareholders own the remaining equity stake.
Level 3 stopped trading on the New York Stock Exchange Tuesday as a result of the transaction and its stock closed at $53.63 per share.