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Pinedale Online > News > April 2011 > Qwest merges with CenturyLink
Qwest merges with CenturyLink
$22 billion merger makes CenturyLink the nation's third largest telecommunications company
April 2, 2011

On April 1, 2011, CenturyLink, Inc. (NYSE: CTL) and Qwest Communications completed their merger, creating the nationís third largest telecommunications company in the United States.

"The combined companyís increased scale and financial strength will enable it to deliver a broader range of communications services to consumers and small businesses throughout the companyís 37-state service area and to business, wholesale and government customers nationwide via its 190,000 route-mile fiber network," their press release said.

The transaction was structured as a tax-free stock-for-stock exchange. Under the terms of the merger agreement, Qwest stockholders will receive 0.1664 shares of CenturyLink common stock for each share of Qwest common stock they owned at closing, plus cash paid in lieu of fractionalshares. The company expects to continue its current annual dividend of $2.90 per share.

CenturyLink expects the combination to be immediately accretive to free cash flow per share, excluding integration costs, and it is expected to generate annual operating and capital synergies of approximately $625 million when fully recognized over the next three to five years. On a pro forma basis, the combined company had revenues of $18.6 billion, adjusted EBITDA of $8.1 billion and adjusted free cash flow of approximately $3.1 billion for the twelve months ended Dec. 31, 2010.

The combined company will use the name CenturyLink, although the Qwest brand will continue to be used in former Qwest markets for the next several months.
The corporate headquarters of the company will remain in Monroe, Louisiana. The company will maintain the headquarters for its Business Markets Group in the Denver, Colorado metro area, where Qwestís headquarters were located. In addition, Denver will be the location of one of the companyís six regional headquarters. The other five regional headquarters will be located in Phoenix; Minneapolis; Seattle; Wake Forest, N.C.; and Apopka, Fla.

For more information about the merger, including state-by-state information and key facts, go online to

Qwest shareholders who want additional information or have questions about exchanging shares can find more information at:

For more information, go to


Pinedale Online > News > April 2011 > Qwest merges with CenturyLink

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