By Dana Mattioli and Dana Cimilluca
CenturyLink Inc. is in advanced talks to merge with Level 3 Communications Inc., a deal that would give the business-telecommunications companies greater heft in a brutally competitive industry.
A deal could be announced in the coming weeks, according to people familiar with the matter. As always, there is a possibility the talks could fall apart.
Terms of the deal couldn’t be learned. As of Thursday afternoon before the Journal’s report of the talks, Level 3, based in Broomfield, Colo., had a market value of $16.8 billion. CenturyLink, based in Monroe, La., was worth $15.2 billion.
Shares in Level 3 were up 11% at $52.28, while CenturyLink shares were up 8.3% at $30.58 on Thursday afternoon after the Journal’s report.
Wall St Journal: Monroe, LA based CenturyLink in Merger Talks