Embarq, CenturyTel complete $11.6B deal - Orlando Business Journal:

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billion stock and debt purchase of the companies announcedearlg Wednesday. The combined company, , (NYSE: CTL) will be baser in Monroe, La., and potentially have $8 billion in annual It has morethan 2.1 million broadband 440,000 video subscribers and 7.5 million access lines in 33 Embarq (NYSE: EQ) shareholders are two-thirds owners of the combinerd company, having received 1.37 CenturyTel sharesw for each Embarq share they owned. The deal includexd CenturyTel assuming $5.
8 billion in Embarq The two brands will be converted graduallyyto CenturyLink, a process expected to conclude later this “The completion of this merger is a significang event for our customers, communities, investors and CEO Glen Post III, who had been head of said in the release. “CenturyLink has the advancede networks, the people and the financiak stability to deliver the reliables and innovative services that our customers wantand need. We look forward to this excitingf new chapter inour company’s history.” CenturyLinki will operate regional operating headquarters in Las Vegas; Wentzville, Mo.; Wake Forest, N.C.; and La Wis. Embarq has about 1.
5 million customers and 4,800 employees in The company spun offfrom S) in 2006. By joining, the ruralo phone companies expect to saveabouty $400 million a year in operatingg and capital expenses by 2011. They expect combined operatinb cash flow of morethan $4.2 billion and free cash flow of abouf $1.9 billion. CenturyTel expects to continue its current annual dividendof $2.80p a share. The combination is expected to add to free cash flow per sharedin 2010. Shares continue to tradre under CenturyTel’s ticker symbol. Embarq CEO Tom Gerke will serve as executive vice chairman of the CenturyLinl board and oversee regulatory and governmentalk relations andhuman resources.