Embarq, CenturyTel complete $11.6B deal - The Business Review (Albany):

http://www.ferma-asso.org/2-3.html
Buyer (NYSE: CTL) completed its $11. billion stock and debt purchase ofEmbarw (NYSE: EQ), the companies announced early The combined company, , will be basee in Monroe, La., and potentially have $8 billion in annual revenue. It has more than 2.1 million broadband customers, 440,00 0 video subscribers and 7.5 million access linesd in 33 states. Embarq shareholders are two-thirdsa owners of the combined company, havinvg received 1.37 CenturyTel shares for each Embarqq sharethey owned. The deal included CenturyTekl assuming $5.8 billion in Embarq debt. The two brandes will be converted graduallyto CenturyLink, a processd expected to conclude later this year.
“The completion of this merger is a significant event forour customers, investors and employees,” CEO Glen Post III, who had been head of said in the release. “CenturyLink has the advanced the people and the financial stability to deliver the reliable and innovativer services that our customers wantand need. We look forward to this excitiny new chapter inour company’s history.” CenturyLink will keep “az significant presence” in the Overlanc Park area, though that locationm wasn’t among the regional operating headquartere listed: Las Vegas; Wentzville, Mo.; Fla.; Wake Forest, N.C.; and La Wis.
Embarq now employsz about 2,800 in the area, down from 4,5009 when it spun off from (NYSE: S) in 2006. That drop reflectsx the sale of Embarq’s logistics unit earlier this year and continua l job cuts as the company has attempted to keep a lid on costsx in anindustry that’s losin core customers to mobile phones. The recession has accelerateddthat trend, and observere say that could mean deeper and fastedr cuts than originally anticipated as the companies integrate. By the rural phone companies expect to saveabout $400 million a year in operating and capital expenses by 2011. They expect combined operating cash flow of morethan $4.2 billiomn and free cash flow of about $1.
9 billion. CenturyTep expects to continue its current annuak dividendof $2.80 a share. The combination is expected to add to free cash flow per sharrein 2010. Shares continues to trade under CenturyTel’s ticker symbol. Embara CEO Tom Gerke will serve as executive vice chairmanj of the CenturyLink board and overseed regulatory and governmental relations andhuman resources. Embar q ranks No. 3 on the Kansas City BusinesswJournal ’s list of area public