MONROE, La., May 30, 2017 /PRNewswire/ -- The states of
Minnesota and Virginia recently approved the merger of
CenturyLink, Inc. (NYSE: CTL) and Level 3 Communications, Inc.
(NYSE: LVLT).
These two states joined Delaware, the District of Columbia, Georgia, Hawaii, Maryland, Ohio, Utah
and West Virginia in approving the
merger. The merger also recently received regulatory clearance from
Puerto Rico and Montana, joining Connecticut, Indiana, Louisiana, Nevada and Texas in granting regulatory clearance for the
merger.
"More than 15 states and territories have approved or cleared
the CenturyLink - Level 3 merger, showing that regulators
understand this transaction will create a robust, resilient and
secure network and improve the combined company's ability to meet
the ever-increasing demands of customers," said CenturyLink Senior
Vice President for Public Policy and Government Relations John F.
Jones. "The strength of our
combined network will help customers access higher bandwidth
services in more locations and connect more businesses to customers
around the globe."
The merger, announced Oct. 31,
2016, should allow the combined company to offer enterprise
and wholesale customers a broader and more complementary range of
services and solutions, and position the combined company to enable
the advanced technology and growing bandwidth needs of its
customers, including small businesses, large businesses, large
multinational enterprises and government entities.
In December 2016, CenturyLink
began filing applications with the appropriate federal and state
regulatory agencies. The transaction is subject to the company
receiving various regulatory approvals and other customary closing
conditions. The two companies continue to expect to receive the
remaining state, federal and international approvals in time to
complete the merger by Sept. 30,
2017.
About CenturyLink
CenturyLink (NYSE: CTL) is a global
communications and IT services company focused on connecting its
customers to the power of the digital world. CenturyLink offers
network and data systems management, big data analytics, managed
security services, hosting, cloud, and IT consulting services. The
company provides broadband, voice, video, advanced data and managed
network services over a robust 265,000-route-mile U.S. fiber
network and a 360,000-route-mile international transport network.
Visit CenturyLink for more information.
Forward Looking Statements
Except for the historical and factual information contained herein,
the matters set forth in this communication, including statements
regarding the expected timing and benefits of the proposed
transaction, such as efficiencies, cost savings, enhanced revenues,
growth potential, market profile and financial strength, and the
competitive ability and position of the combined company, and other
statements identified by words such as "will," "estimates,"
"anticipates," "believes," "expects," "projects," "plans,"
"intends," "may," "should," "could," "seeks" and similar
expressions, are forward-looking statements within the meaning of
the "safe harbor" provisions of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements are
subject to a number of risks, uncertainties and assumptions, many
of which are beyond our control. These forward-looking
statements, and the assumptions upon which they are based, (i) are
not guarantees of future results, (ii) are inherently speculative
and (iii) are subject to a number of risks and uncertainties.
Actual events and results may differ materially from those
anticipated, estimated, projected or implied in those statements if
one or more of these risks or uncertainties materialize, or if
underlying assumptions prove incorrect. Factors that could affect
actual results include but are not limited to: the ability of
the parties to timely and successfully receive the required
approvals for the combination from regulatory agencies free of
conditions materially adverse to the parties; the possibility that
the anticipated benefits from the proposed transaction cannot be
fully realized or may take longer to realize than expected; the
possibility that costs, difficulties or disruptions related to the
integration of Level 3's operations with those of CenturyLink
will be greater than expected; the ability of the combined company
to retain and hire key personnel; the effects of competition from a
wide variety of competitive providers, including lower demand for
CenturyLink's legacy offerings; the effects of new, emerging or
competing technologies, including those that could make the
combined company's products less desirable or obsolete; the effects
of ongoing changes in the regulation of the communications
industry, including the outcome of regulatory or judicial
proceedings relating to intercarrier compensation, interconnection
obligations, access charges, universal service, broadband
deployment, data protection and net neutrality; adverse changes in
CenturyLink's or the combined company's access to credit markets on
favorable terms, whether caused by changes in its financial
position, lower debt credit ratings, unstable markets or otherwise;
the combined company's ability to effectively adjust to changes in
the communications industry, and changes in the composition of its
markets and product mix; possible changes in the demand for, or
pricing of, the combined company's products and services, including
the combined company's ability to effectively respond to increased
demand for high-speed broadband service; changes in the operating
plans, capital allocation plans or corporate strategies of the
combined company, whether based on changes in market conditions,
changes in the cash flows or financial position of the combined
company, or otherwise; the combined company's ability to
successfully maintain the quality and profitability of its existing
product and service offerings and to introduce new offerings on a
timely and cost-effective basis; the adverse impact on the combined
company's business and network from possible equipment failures,
service outages, security breaches or similar events impacting its
network; the combined company's ability to maintain favorable
relations with key business partners, suppliers, vendors, landlords
and financial institutions; the ability of the combined company to
utilize net operating losses in amounts projected; changes in the
future cash requirements of the combined company; and other risk
factors and cautionary statements as detailed from time to time in
each of CenturyLink's and Level 3's reports filed with the U.S.
Securities and Exchange Commission (the "SEC"). Due to these risks
and uncertainties, there can be no assurance that the proposed
combination or any other transaction described above will in fact
be completed in the manner described or at all. You should be
aware that new factors may emerge from time to time and it is not
possible for us to identify all such factors nor can we predict the
impact of each such factor on the proposed combination or the
combined company. You should not place undue reliance on these
forward‑looking statements, which speak only as of the date of this
communication. Unless legally required, CenturyLink and
Level 3 undertake no obligation and each expressly disclaim
any such obligation, to update publicly any forward-looking
statements, whether as a result of new information, future events,
changed events or otherwise.
Additional Information
In connection with the proposed combination, CenturyLink filed a
registration statement on Form S-4 with the SEC (Registration
Statement No. 333-215121) which was declared effective by the SEC
on February 13, 2017. CenturyLink and
Level 3 have filed a joint proxy statement/prospectus and will file
other relevant documents concerning the proposed transaction with
the SEC. CenturyLink and Level 3 began mailing the definitive joint
proxy statement/prospectus to their respective security holders on
or about February 13, 2017. The
definitive joint proxy statement/prospectus, dated as of
February 13, 2017, contains important
information about CenturyLink, Level 3, the proposed combination
and related matters. INVESTORS AND SECURITY HOLDERS ARE URGED TO
READ THE DEFINITIVE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE
PROPOSED COMBINATION OR INCORPORATED BY REFERENCE IN THE DEFINITIVE
JOINT PROXY STATEMENT/PROSPECTUS CAREFULLY BECAUSE THEY CONTAIN
IMPORTANT INFORMATION. Investors and security holders may obtain
the definitive joint proxy statement/prospectus and the filings
that are incorporated by reference in the definitive joint proxy
statement/prospectus, as well as other filings containing
information about CenturyLink and Level 3, free of charge, at the
website maintained by the SEC at www.sec.gov. Investors and
security holders may also obtain these documents free of charge by
directing a request to CenturyLink, 100 CenturyLink Drive,
Monroe, Louisiana 71203,
Attention: Corporate Secretary, or to Level 3, 1025 Eldorado
Boulevard, Broomfield, Colorado
80021, Attention: Investor Relations.
SOURCE CenturyLink, Inc.