Centurylink acquires Level3

Centurylink announced that it has come to an agreement to acquire Level3. The deal consists of a cash and stock deal and is worth around $25 billion.

The stock price of Centurylink dropped by more than 12.5% following the announcement while Level 3 stock went up more than 4%. The deal is expected to close by the 3rd querter of 2017.