MONROE, La., Sept. 12, 2017 /PRNewswire/ — CenturyLink, Inc. (NYSE: CTL) today announced it is updating the closing timeframe for its acquisition of Level 3 Communications, Inc. (NYSE: LVLT). Based on the proposed decision filed by the California Administrative Law Judge last Friday recognizing that the combination of CenturyLink and Level 3 is in the public interest and recommending the California Public Utilities Commission approve the transaction at its Oct. 12 meeting, CenturyLink now anticipates the Level 3 transaction to close in mid-to-late October 2017.
“Since we began the regulatory approval process, 24 states and territories have approved or cleared CenturyLink’s acquisition of Level 3 and recognize this transaction is clearly in the public interest and will be good for competition in the enterprise market,” said Glen F. Post III, CenturyLink chief executive officer and president. “We are working to obtain the remaining approvals, including the State of California, the Department of Justice, and the Federal Communications Commission, and want to give the regulators time to complete their review process.”
He added, “We view the slight delay in our projected closing date as manageable, and it does not affect our integration planning process. Both teams are ready to begin the integration process as soon as closing occurs.”