CenturyLink receives approval from FCC for $24bn acquisition of Level 3
The US Federal Communications Commission (FCC) has given American telecommunications company CenturyLink the green light in its acquisition of fellow US telco, Level 3 Communications.
It is the latest and final regulatory clearance in a line of approvals for the deal, with the US Department of Justice, the California Public Utilities Commission and a number of other US states having also authorised the acquisition.
“The FCC's approval of CenturyLink's acquisition of Level 3 is great news and means we now have all the regulatory approvals we need to close the transaction,” said CenturyLink Senior Vice President for Public Policy and Government Relations John F. Jones. “We anticipate closing the transaction effective 1 November 2017.”
The deal is valued at $24bn, with CenturyLink aiming to use the acquisition as a means of expanding in order to compete with the likes of AT&T and Verizon Communications Inc.
Once complete, the combined company will be able to offer customers a broad range of services and solutions, in addition to advancing the company’s technology and bandwidth – both things that will position the firm to challenge some of the big names in the US telco industry.