CenturyLink (NYSE: CTL) is close to checking off Washington State off its list of regulatory approvals list it needs to complete its acquisition of Qwest (NYSE: Q).
Of course, CenturyLink and Qwest had to agree to various terms to proceed with the deal.
For one, CenturyLink and Qwest agreed to spend at least $80 million to expand the state's broadband network infrastructure over the next five years. Similarly, CenturyLink agreed to pay $70 million agreement with state regulators in Colorado and Arizona to gain approval of the deal.
The two ILECs also agreed to not only freeze some rates on business services for at least three years, but also continue to offer "naked" standalone DSL and honor "price for life" promotional guarantees on broadband services.
Although the staff of the Washington Utilities and Transportation Commission (UTC) and the Public Counsel Section of the Washington State Attorney General's Office recommended the UTC approve the deal, it still needs the UTC's approval which will conduct a hearing on the deal next week.
For more:
- see the release
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