CenturyTel to Acquire Embarq in $5.8B Deal

By: AP
By: AP

Telecommunications company CenturyTel Inc. will acquire Kansas-based rival Embarq Corp. in a deal valued at $5.8 billion. The companies said today that Embarq shareholders will receive 1.37 shares of CenturyTel for each share of Embarq. Based on CenturyTel's Friday close of $29.50, that's equivalent to $40.42 of CenturyTel stock for each Embarq share owned.

CenturyTel will also assume $5.8 billion of Embarq's debt. When the acquisition closes, Embarq shareholders will own 66 percent of the combined company, and CenturyTel shareholders will own 34 percent.

Shares of Overland Park-based Embarq rose $1.75 per share to $31.49 by late this morning.

631 SW Commerce Pl. Topeka, Kansas 66615 phone: 785-272-6397 fax: 785-272-1363 email: feedback@wibw.com
Copyright © 2002-2015 - Designed by Gray Digital Media - Powered by Clickability 33378279 - wibw.com/a?a=33378279
Gray Television, Inc.