OLYMPIA, Wash., April 28 -- The Washington State Utilities and Transportation Commission issued the following news release:
This week, staff of the Utilities and Transportation Commission filed an all-party settlement that will approve the transfer of control of Level 3 Communications to CenturyLink, Inc.
The settlement agreement establishes that CenturyLink, Inc. will acquire the Level 3 parent company, and as a result, will also acquire the six Level 3 competitive local exchange companies registered in the state of Washington.
The cash and stock transaction is valued at approximately $34 billion.
The settlement will be presented on May 25 to the three member commission, which can choose to accept, reject, or modify the agreement.
UTC telecommunications staff signed the agreement along with Level 3 Communications, CenturyLink, Inc., and the Public Counsel unit of the Attorney General's Office.
CenturyLink is the largest local telephone company in Washington, serving approximately 720,000 residential and business phone lines. Cities served by CenturyLink include Seattle, Tacoma, Bellevue, Olympia, Bellingham, Aberdeen, Longview, Vancouver, Bremerton, Spokane, Moses Lake, Yakima, Pasco and Walla Walla.
The UTC regulates the rates and services of telecommunications companies, investor-owned electric utilities, natural gas and water companies, garbage-collection haulers, household-goods movers and charter-bus companies, commercial ferries, pipeline companies, and a low-level radioactive waste repository.
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