Wachtell, Jones Walker Rep CenturyLink In Qwest Deal

Law360, New York (April 22, 2010, 5:31 PM EDT) -- CenturyLink Inc. has reached a $10.6 billion deal to acquire Qwest Communications International Inc. in one of the largest tie-ups in the telecommunications industry in recent years.

Under the terms of the stock-for-stock transaction announced Thursday, Qwest shareholders will receive 0.1664 CenturyLink shares for each share of Qwest common stock they own. Once the deal is completed, CenturyLink shareholders will own about 50.5 percent of the combined company, and Qwest shareholders will own about 49.5 percent.

CenturyLink will also assume $11.8 billion of outstanding Qwest debt,...
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