CenturyLink’s proposed acquisition of Level 3 has gotten the green light from Ohio and Utah state regulators, clearing one of several hurdles to complete the multibillion-dollar deal on time.
Additionally, the state of Nevada also gave regulatory clearance of the acquisition.
“The Ohio and Utah approvals for the CenturyLink-Level 3 merger indicate that following their review, these states understand that this merger is focused on the enterprise business market and will create more services and opportunities for the combined companies’ customers, employees and the communities we serve,” said John F. Jones, SVP of public policy and government relations for CenturyLink, in a statement.
As a combined company, the new CenturyLink will have a broader network and portfolio of services to address not only U.S.-based enterprises, but also multinational companies that have locations in other parts of the world, including Europe and Latin America.
In December 2016, CenturyLink started filing applications with the necessary federal and state regulatory agencies.
The acquisition will still need to clear a number of regulatory approvals, including the U.S. Department of Justice, the FCC and other state regulatory approvals and other customary closing conditions.
Additionally, the transaction is also subject to the approval of CenturyLink and Level 3 shareholders at special shareholders meetings scheduled for March 16, 2017. CenturyLink and Level 3 anticipate closing the acquisition by the end of third quarter 2017.