Corporate Acquisitions

Arizona authorities clear CenturyLink, Qwest deal

Forbes |

In Brief...

Two state regulatory bodies in Arizona have approved the $10 billion acquisition of Qwest Communications International Inc. by CenturyLink Inc., the companies said Monday.. To help win approval, the companies said they have agreed to provide the state with regular reports on their integration and to invest at least $70 million in broadband infrastructure in Arizona over the next five years.. With the deal in place, the companies said they now have more than half of the state regulatory approvals needed to complete the acquisition.. CenturyLink, the country's fifth-largest local phone company announced in April that it had agreed to buy Qwest, the third-largest. Qwest shares fell 9 cents to $6.86, while CenturyLink shares lost 63 cents to $42.41 in afternoon trading..

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