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.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
631 SW Commerce Pl. Topeka, Kansas 66615 phone: 785-272-6397 fax: 785-272-1363 email: feedback@wibw.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 33378279