CenturyLink (NYSE: CTL) and Qwest (NYSE: Q) came one step closer to achieving their goal of closing their merger on April 1 as the Arizona Corporation Commission gave its approval of the deal.
Prior to approving the merger, the ACC said it conducted a "substantive review of the transaction, including agreements on wholesale matters the companies reached with several competitive carriers in Arizona and other states."
Similar to other states that have approved the merger, CenturyLink and Qwest agreed to invest $70 million to improve Arizona's broadband network infrastructure over the next five years.
With Arizona's approval, 18 states and the District of Columbia have approved the deal. Both service providers still need approvals from three other states and the FCC.
For more:
- see the release
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