Telecommunications provider CenturyLink has won US antitrust approval for its purchase of Level 3 Communications on condition that it sell certain assets, according to a court filing dated on Monday, October 3.
CenturyLink agreed to buy Level 3 last year in a deal valued at about US$24 billion. It is seeking to expand its reach in the business communications market and compete with rivals such as AT&T and Verizon.
Louisiana-based CenturyLink provides broadband and landline phone services, mainly in rural areas, as well as backhaul, considered the backbone of the internet.
“These divestitures are not expected to have a material impact on the pro-forma operating revenue and operating cash flows of the combined company,” the companies said in a statement.
A spokesman said CenturyLink is “focused on meeting our targeted transaction closing timeframe of mid-to-late October.”
Full Content: Wall Street Journal