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$CTL appointed Gaurav Chand as EVP, Marketing, effective Jan. 2, 2018. Previously, Chand served as the global SVP, marketing, infrastructure solutions group for Dell EMC. The company appointed Shaun Andrews as EVP, product management. Andrews was previously the SVP, IP and real-time communications for Level 3.
$CTL signed a 5-year contract with the Commonwealth of Pennsylvania to provide data networking products to the Commonwealth's agencies, commissions, councils, bureaus, authorities and boards. $CTL is collaborating with Comcast Business to provide high-performance network services and last mile connectivity to end users.
$CTL won a contract to provide communications services to Peterson Air Force Base in Colorado Springs, Colorado. The contract, which also includes Ethernet circuits and private line services, is valued at approx. $275,000 the first year, with four one-year options, for a total contract value of $1.5MM.
With operating revenues tanking to $4.03Bil in 3Q17 from $4.38Bil a year ago, $CTL saw standalone CenturyLink net income dive 39% to $92MM or $0.17 per diluted share. For the newly acquired Level 3, net income was $157MM on a total revenue of $2.06Bil in the quarter.
Communication services firm $LVLT said it received an unsolicited offer from TRC Capital to buy up to 2MM of its shares for $50.5 per share. Since the offer price is below the last closing price of the stock and the value of consideration for the proposed acquisition of Level 3 by $CTL, the company recommends that stockholders reject the TRC offer.
$CTL updated closing timeframe for acquisition of $LVLT. Based on proposed decision filed by California Administrative Law Judge recognizing that the combination is in public interest and recommending the California Public Utilities Commission approve the deal at its Oct. 12 meeting, $CTL now sees it to close in mid-to-late October 2017.
$CTL recently won a coveted spot on the General Services Administration's 15-year, $50Bil Enterprise Infrastructure Solutions (EIS) program, a multiple-award contract vehicle for federal government agencies to purchase information technology and telecommunications infrastructure services.
The states of Mississippi and Washington have approved $CTL’s pending acquisition of $LVLT. 21 other states and territories, including Alaska, Colorado, Georgia, New York, Ohio, Virginia, West Virginia and the District of Columbia, had given the nod for the acquisition, which is expected to be completed by Sept. 30, 2017.
$CTL added a Unified Communications-as-a-Service (UCaaS) platform powered by $BSFT’s Government Cloud to $CTL’s General Services Administration IT Schedule 70 contract. The UCaaS platform is designed to meet the specific requirements of government agencies with its secure, mobile, on-demand infrastructure that can enable multi-site workplaces.
$CTL said that upon closing of its acquisition of $LVLT, Jeff Storey, the present CEO of Level 3 Communications, will join CenturyLink as president and COO. Storey is likely to succeed CEO Glen F Post effective Jan. 1, 2019. Then, Post will become executive chairman of the Board. The transaction is expected to be completed by Sept. 30, 2017.
The states of Minnesota and Virginia recently approved the merger of $CTL and $LVLT. Currently, over 15 states and territories have approved or cleared the merger. The two companies expect to receive the remaining state, federal and international approvals in time to complete the merger by Sept. 30, 2017.