CenturyLink, Inc. has completed its acquisition of Level 3 Communications, Inc. The combination of CenturyLink and Level 3 creates a leading global network services company capable of providing customers a wide range of high-quality technology solutions over a secure and reliable fiber-rich network.

The combined company, with estimated pro forma revenue of $24 billion for the trailing twelve months ended June 30, 2017 (excluding revenue related to CenturyLink's May 1, 2017, colocation business sale and including estimated intercompany eliminations and purchase accounting adjustments), anticipates that approximately 75 percent of its core revenue will come from business customers and nearly two-thirds of its core revenue will come from strategic services. CenturyLink's network now connects more than 350 metropolitan areas with more than 100,000 fiber-enabled, on-net buildings, including 10,000 buildings in EMEA and Latin America.

Visit www.level3isnowcenturylink.com to learn more about the new CenturyLink.

"CenturyLink is now poised to offer an expanded, robust portfolio of communications solutions focused on our customers' networking and IT services needs," said Glen F. Post III, CenturyLink's chief executive officer. "Our customers, from individual consumers to global enterprises, will benefit from our expanded, innovative network solutions, our complementary managed services and our highly talented workforce."

CenturyLink is now even better positioned to:

• Offer a broader, innovative product portfolio of network solutions and advanced IT services designed to meet complex technology and threat protection needs
  
• Deliver these solutions and services to enterprise, government, wholesale and consumer customers over a large-scale, fiber-rich global network
  
• Continue to invest in the reach and speeds of its broadband infrastructure for small businesses and consumers.
  

"Our goal is to be the world's best networking provider and we have the ability to achieve this as one company," said Jeff Storey, CenturyLink's president and chief operating officer. "CenturyLink is focused on providing a differentiated experience for our customers, while driving profitable growth and increasing free cash flow per share. Our scale and experience will enable us to deliver on behalf of our customers, employees and our shareholders."

Transaction Details

Holders of Level 3 common stock as of immediately prior to closing are entitled to receive $26.50 per share in cash (without interest) and 1.4286 shares of CenturyLink stock for each Level 3 share they owned. CenturyLink shareholders now own approximately 51 percent and former Level 3 stockholders now own approximately 49 percent of the combined company. CenturyLink remains headquartered in Monroe, La., with a key operational presence in Colorado and the Denver metropolitan area.