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CENTURYLINK TO BUY LEVEL 3 COMMUNICATIONS FOR ABOUT $24 BILLION


CenturyLink Inc (CTL.N) said it would buy Level 3 Communications Inc (LVLT.N) in a deal valued at about $24 billion to expand its fiber optic network and enterprise business and compete with telecommunications rivals like AT&T Inc (T.N) and Verizon VZ.N>. CenturyLink's shares slumped 12 percent to $26.74 in afternoon trading on Monday, while shares of Level 3 surged 4.6 percent to $56.55. The cash-and-stock deal, expected to close in the third quarter of 2017, comes as the companies struggle to expand their core operations and face rivals who also offer internet and phone services to businesses.

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#CenturyLink #FiberOpticNetwork

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