CenturyLink’s looming acquisition for Broomfield-based Level 3 Communications is set to close Wednesday following the blessing of the Federal Communications Commission.
The FCC had to offer long-term leases for dark fiber connecting 30 cities, plus sell off some of Level 3’s assets. The agency said this would keep internet prices competitive because the companies had competed provided “lower prices and higher-quality services.”
The FCC was the last regulatory approval needed. California, which was the last of 23 states, okayed the acquisition on Oct. 12.
“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 John F. Jones, CenturyLink Senior Vice President for Public Policy and Government Relations, in a statement. “We anticipate closing the transaction effective November 1, 2017.”
CenturyLink made its offer to buy Level 3 . At the time, the deal was valued at $34 billion, which took into account Level 3’s operating losses. The union would create one of the world’s largest telecom companies, with CenturyLink gaining access to 200,000 miles of fiber-optic networks.
The combined company will remain headquartered in Monroe, La., but will continue to have a large presence in Colorado with more than 8,000 employees in the state. After a year, CenturyLink CEO Glen F. Post III plans to retire, at which time Level 3 CEO Jeff Storey will take over. Storey has said he after he becomes CEO.
