DENVER -- CenturyLink is merging with Broomfield's Level 3 Communications in a $34 billion deal.
Upon the closing, CenturyLink shareholders will own approximately 51 percent of the combined company and Level 3 shareholders will own approximately 49 percent of the combined company, according to a news release from the companies.
"The combined company will have the ability to offer CenturyLink's larger enterprise customer base the benefits of Level 3's global footprint with a combined presence in more than 60 countries," officials said.
"This is a compelling transaction for our customers, shareholders and employees," said Jeff Storey, President and Chief Executive Officer of Level 3. "In addition to the substantial value delivered to shareholders, the combined company will be uniquely positioned to meet the evolving and global needs of enterprise customers."
"The digital economy relies on broadband connectivity, and together with Level 3 we will have one of the most robust fiber network and high-speed data services companies in the world," said Glen Post, CenturyLink Chief Executive Officer and President.
The combined company will be headquartered in Louisiana, but will maintain a significant presence in Colorado and the Denver metro area, officials said.