Telecommunications company, CenturyLink, will purchase web hosting and service provider, Savvis, in a $2.5 billion cash and stock deal, Financial Times reports. As per the deal, Savvis stockholders will get $30 per share in cash and $10 in shares of CenturyLink common stock.

CenturyLink will also assume about $700 million of Savvis’ debt, adds Bloomberg. CenturyLink appointed Barclays Capital and Bank of America Merrill Lynch as financial advisers, while Savvis was advised by Morgan Stanley.

Click here for the story from Financial Times.

Click here for the additional coverage from Bloomberg.