|FCC Approves CenturyTel and EMBARQ Merger|
Posted: 26-Jun-2009 [Source: Century Tel]
[Century Tel gets FCC approval to acquire EMBARQ.]
Monroe, LA and Overland Park, Kan. -- CenturyTel, Inc. and Embarq Corporation announced that CenturyTel's pending acquisition of EMBARQ has received approval from the Federal Communications Commission (FCC). The merger now has received all necessary approvals, and the companies expect the merger to be effective on July 1, 2009.
"The FCC's approval is a significant and exciting milestone toward completing the merger," said Glen F. Post III, CenturyTel's chairman and chief executive officer. "It has been a rigorous review process and we are pleased to have the FCC's approval and recognition that the combination of CenturyTel and EMBARQ offers many benefits to our customers and the communities we serve."
"We have committed to the FCC that we will remain focused on infrastructure development and broadband deployment after completion of the merger," said Tom Gerke, EMBARQ's chief executive officer. "Our combined company is committed to investing in our communities and providing our customers high-quality, reliable communications and expanded broadband services."
The FCC memorandum and order approving the merger can be found on the FCC website at: http://hraunfoss.fcc.gov/edocs_public/attachmatch/FCC-09-54A1.doc. CenturyTel and EMBARQ have already received all necessary approvals from the states in which CenturyTel and EMBARQ provide local service, as well as that of their respective shareholders, who overwhelmingly approved all proposals related to the merger on Jan. 27, 2009. On Nov. 24, 2008, the companies also received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
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