The Federal Communications Commission (FCC) has given approval for a $22 billion merger between CenturyLink and Qwest Communications. The deal, which is expected to close on April 1, 2011, is subject to receipt of the remaining regulatory approval.
The District of Columbia and 20 states, as well as shareholders from both companies have already approved the deal, adds The Wall Street Journal. To secure FCC approval, the companies offered various voluntary commitments, including a timetable for upgrading subscriber broadband speeds and availability, discounted services to low-income customers and capping the financing the new entity would get from a federal phone subsidy program.
Click here for the release from Qwest.
Click here for additional coverage from The Wall Street Journal.