美国电信运营商CenturyLink周一宣布将以340亿美元现金加股票的价格收购Level 3 Communications。合并后公司将成为AT&T更有力的竞争对手。

 

两家公司宣布，这笔交易对Level 3的估值为每股66.50美元，较上周该公司股价高约42%。这笔交易的价格中包括了Level 3的债务。

 

Level 3运营着全球最大的互联网主干网之一，但近期的关注重点正转向中小企业，以扭转核心业务营收增长放缓的趋势。CenturyLink传统上是一家农村本地电话服务提供商。该公司正试图通过光纤线路去升级当前网络，从而与AT&T、Verizon，以及有线电视公司展开竞争。

 

CenturyLink的2/3营收来自企业客户，而Level 3的营收全部来自这一市场。

 

根据收购条款，CenturyLink支付给Level 3股东的价格为每股26.50美元现金加1.4286股CenturyLink股票。这笔交易预计将于2017年第三季度完成。

 

富国证券分析师珍妮佛·弗利兹澈（Jennifer Fritzsche）上周表示，Level 3账面上有约100亿美元的税收减免额度，这将给CenturyLink带来帮助。

 

CenturyLink CEO格伦·波斯特（Glen Post）将担任合并后公司CEO，而Level首席财务官苏尼特·帕特尔（Sunit Patel）将出任新公司首席财务官。

 

根据Vertical Systems Group的数据，今年上半年，Level 3是美国第二大以太网服务提供商，仅次于AT&T，而CenturyLink排名第五。

 

在周一美国股市的早盘交易中，CenturyLink股价下跌8%，至27.95美元。Level 3股价上涨7%，至57.81美元。

 

CenturyLink和Level 3周一均报告了第三季度财报。CenturyLink利润从去年同期的2.05亿美元下降至1.52亿美元。不包括一次性项目在内，该公司利润为3.05亿美元，或每股56美分，符合此前预计的每股利润52至57美分。此外，营收同比下降3.8%，至43.8亿美元。

 

Level 3第三季度利润为1.43亿美元，或每股39美分，比去年同期增长100万美元。该公司营收为20.3亿美元。

 

过去几年，两家公司均通过多笔交易组建了大规模电信网络。2014年，Level 3以60亿美元的价格收购了TW Telecom。2011年，该公司还以约20亿美元收购了竞争对手Global Crossing。

 

CenturyLink于2011年以110亿美元的价格收购了Qwest Communication International，以约20亿美元的价格收购了Savvis。在此之前两年，该公司还以约60亿美元的价格收购了Embarq Corp。

 

CenturyLink to buy Level 3 for USD 34 billion

 

US operator CenturyLink has confirmed an agreement to acquire Level 3 Communications for USD 34 billion including debt, extending its push into the business services market. Level 3 shareholders will receive USD 66.50 per share in cash and CenturyLink stock, a premium of 42 percent on Level 3's share price last week before reports first emerged of a possible deal. The acquisition will see CenturyLink shareholders own 51 percent of the combined company and Level 3 shareholders 49 percent. 

 

The deal significantly expands CenturyLink's fibre network assets and international presence. CenturyLink's on-net buildings are expected to increase by nearly 75 percent to approximately 75,000, including 10,000 buildings in EMEA and Latin America. The operators expect their complementary US and international networks will provide cost savings, as capital investment is focused on increasing capacity and connecting more customers to the fibre network. Along with eliminating duplicate functions and systems, cash savings from the merger are projected to reach USD 975 million on an annual basis. 

 

The combined company also expects improved adjusted EBITDA margins and revenue growth from the merger, as they exploit cross-selling and network expansion opportunities. To date both have suffered from flat to negative revenue growth, as they work to grow in IP data services in order to offset the pressure on the voice market and legacy services. In addition, the merged group will benefit from Level 3's nearly USD 10 billion of accumulated operating losses for tax reduction, resulting in increased cash flow and capacity to pay dividends. CenturyLink pledged to maintain its annual dividend of USD 2.16 per share.

 

CenturyLink CEO Glen Post will continue as CEO of the merged group, and Level 3's CFO Sunit Patel will be finance chief. While CenturyLink remains active in the consumer fixed market in several states in the US, the new company will have over three-quarters of its revenues, or USD 19 billion, in the business services market after the merger. 

 

Level 3 shareholders will have four members on the board, including at least one for ST Telemedia, which has pledged to vote its 18 percent in Level 3 for the transaction. The group's headquarters will remain in Louisiana, with a significant presence at Level 3's offices in Colorado. 

 

CenturyLink and Level 3 aim to close the deal by Q3 2017, pending regulatory and shareholder approval. CenturyLink has obtained commitments for over USD 10 billion in bank debt to help finance the deal and will also use its own and Level's cash on hand. Level 3 had cash of USD 1.6 billion at the end of September and debt totalling USD 11.0 billion. Its leverage over the previous 12 months was 3.3x adjusted EBITDA. The combined company expects pro forma net leverage at less than 3.7x at close, including the projected synergies.