CenturyTel to buy Qwest for $10.6 billion in stock

CenturyTel to buy Qwest for $10.6 billion in stock.

Qwest shareholders will receive 0.1664 CenturyTel shares valued at approximately $6.02, based on the prior closing price.

CenturyLink (NYSE:CTL) said it’s going to buy Qwest Communciations (NYSE:Q) in an all-stock deal that creates one of the biggest US landline-phone companies.

The combination would create a phone line carrier with about 17 million phone lines, with 10 million from Qwest and the rest from CenturyTel, which is renaming itself CenturyLink this year