CenturyLink, the third-largest U.S. telecommunications company, announced that it will acquire cloud Relevant Products/Services provider Savvis.
The deal is valued at about $2.5 billion, with CenturyLink paying about $40 a share Relevant Products/Services for Savvis and assuming about $700 million in debt.
CenturyLink chief executive Glen Post said the deal will allow the company to expand its “cloud computing services,” which refers to storing digital information and launching software services over the Internet instead of company-owned computer and data centers.
The combined company will be led primarily by the Savvis leadership team, including its CEO Jim Ousley, CenturyLink said. The companies expect the deal to close in the second half of this year. After closing the transaction, CenturyLink will employ approximately 50,000 people.
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