CenturyTel (CTL) and EMBARQ (EQ) Receives Necessary State Approvals for Merger

May 29, 2009 11:36 AM EDT

CenturyTel, Inc. (NYSE: CTL) and EMBARQ (NYSE: EQ) announced that CenturyTel's pending acquisition of EMBARQ has received approval from the Pennsylvania Public Utility Commission and the Washington Utilities and Transportation Commission. The merger now has received all necessary approvals from the states in which CenturyTel and EMBARQ provide local service. The only remaining regulatory approval required to complete the transaction is that of the Federal Communications Commission (FCC).

In addition to obtaining all necessary state regulatory approvals, CenturyTel and EMBARQ have already received the approvals of their respective shareholders, who overwhelmingly approved all proposals related to the merger on Jan. 27, 2009. On Nov. 24, 2008, the companies received early termination of the waiting period required under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Combined, CenturyTel and EMBARQ will have approximately 7.5 million access lines, more than two million broadband customers and more than 400,000 video subscribers, based on data as of March 31, 2009.

CenturyTel, Inc., together with its subsidiaries, is an integrated communications company engaged primarily in providing an array of communications services, including local and long distance voice, Internet access and broadband services. [SM]

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