Embarq, CenturyTel merger receives final OK, set to close Wednesday

By Lisa Kerner

Charlotte, N.C., June 25 - The Federal Communications Commission granted its approval of the proposed merger of CenturyTel, Inc. and Embarq Corp., the companies said in a joint news release.

All necessary approvals have been received, and the merger is expected to be effective on Wednesday.

As previously reported, shareholders of both companies approved the merger in January.

The Oct. 26, 2008 merger agreement gives Embarq shareholders 1.37 CenturyTel shares for each share of Embarq common stock they own. The total value of the transaction is approximately $5.8 billion, according to CenturyTel.

CenturyTel, based in Monroe, La., provides communications, high-speed internet and entertainment services in small to mid-size cities through its broadband and fiber transport networks.

Embarq provides local and long distance voice, data, high-speed internet, satellite video, wireless and other communications-related products and services to consumer and business customers in the United States. The company is located in Overland Park, Kan.

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