CenturyLink acquisition of Qwest in the form of stock Exchange

Beijing Time April 22 Evening News, according to foreign media reports, the U.S. telecom operators CenturyLink and Quest Communications announced today, two companies have reached the board of Directors of the final merger agreement. According to the agreement, CenturyLink will buy Qwest,qwest shareholders in the form of tax-free stock exchange for each share of common stock will be priced 0.1664 shares CenturyLink shares.　　After the deal is completed, CenturyLink shareholders will hold about 50.5% of the new company, while Qwest shareholders will hold a 49.5% stake in the new company. According to local time April 21 CenturyLink Company's closing price, Qwest shareholder's compensation will be 6.02 U.S. dollars per share (in the form of equivalent CenturyLink shares), that is, Qwest on the April 21 closing share prices on the basis of a premium of 15%.　　The acquisition's valuation of Qwest was about $22.4 billion trillion, including the 11.8 billion unliquidated obligations incurred by Qwest as at December 31, 2009. "We believe this merger will expand the scale, scope and expertise of our business and provide more benefits to our shareholders and customers," CenturyLink Chief Executive Glenn Puster (Glen F Post III) said. This merger will help us to better launch innovative IP products, provide high bandwidth services to commercial customers, provide consumers with fast speed and provide unique, high-quality video products. "Over the past few years, Qwest has focused on generating sustainable free cash flows and improving balance of assets and liabilities while improving efficiency and improving the user experience in innovative ways," said Edward Mueller, chairman and CEO of Qwest, Edward Moulles. We are satisfied with the progress so far and believe that the merged new enterprises will be able to win in the increasingly fierce market competition. "Our shareholders will benefit from this acquisition, including a premium takeover of equities, an annual dividend gain of about 50% per cent and a profit from the larger development of the merged company by holding CenturyLink shares," he added. We look forward to being part of a larger, financially sound, industry-leading regional and national operator, serving customers, employees, communities and shareholders. "(Xiao Wei)