Level 3 stock surges after CenturyLink buyout deal confirmed

Shares of Level 3 Communications Inc. rose 3.9 percent in premarket trading this morning after the communications services company confirmed a deal to be acquired by CenturyLink Inc.

The total value of the buyout is $34 billion, including debt. It values Level 3 at about $23.9 billion.

CenturyLink expects the deal to add to free cash flow in the first year after closing and to generate $975 million in annual synergies.

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