CenturyTel agreed to buy Qwest Communications International in a $10.6 billion all-stock deal, the companies announced Thursday. CenturyTel will also assume $11.8 billion of Qwest debt, making the merger worth about $22.4 billion, one of the biggest in telecom history.
Qwest and CenturyTel are two of the biggest landline phone companies in the country, with combined network assets in about 40 states. The deal comes as Qwest, which abandoned its wireless efforts years ago, has struggled to keep up competitively with other former Baby Bell companies AT&T and Verizon Communications. While these companies do not … Read more