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Qwest to be acquired by CenturyTel in $22.4 billion deal
CenturyTel Inc. has agreed to buy Qwest Communications, the dominant telephone provider in Iowa, for $22.4 billion in a stock swap and debt deal.
Monroe, La.-based CenturyTel will pay $10.6 billion in stock and assume $11.8 billion of Qwest's net outstanding debt. Denver-based Qwest shareholders will receive 0.1664 shares of CenturyTel stock for each share of Qwest stock that they own.
CenturyTel, which is changing its name to CenturyLink, will serve customers in 37 states. The combined company will have 5 million broadband customers, 17 million access lines, 1.4 million video subscribers and 850,000 wireless consumers (through a Qwest partnership with Verizon).
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