Deals
CenturyLink to Buy Savvis for $2.5 Billion in Cloud Expansion
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CenturyLink Inc., the Louisiana-based fixed-line phone and Internet company, agreed to buy Savvis Inc. for $2.5 billion to add services that let business customers store and access data and applications online.
Savvis stockholders will receive $40 a share, consisting of $30 in cash and about $10 in CenturyLink shares, the companies said today in a statement. That’s 11 percent more than Savvis’s closing price yesterday. CenturyLink will also assume about $700 million of debt.