Business News
CenturyLink and Qwest Reach Agreement With Unions on Merger
Monday 25. October 2010 - CWA and IBEW Agree Pending Merger between CenturyLink and Qwest is in the Public Interest
CenturyLink, Inc. (NYSE: CTL) and Qwest Communications (NYSE: Q) today announced the Communications Workers of America (CWA) and the International Brotherhood of Electrical Workers (IBEW) have agreed that the merger between CenturyLink and Qwest is in the public interest and will withdraw all opposition in any remaining state and federal regulatory proceedings.
CenturyLink, Qwest and the unions have agreed to work together on a number of issues important to their employees and the future success of the combined company, including employment levels, call center stability, investments in broadband and employee healthcare benefits. The companies also agreed to honor all existing collective bargaining agreements.
“We are very pleased the CWA and IBEW acknowledge the public interest benefits of the proposed merger,” said Glen F. Post III, chief executive officer and president of CenturyLink. “CenturyLink values our positive relationships with our employees and unions. We rely on each and every employee to deliver an exceptional communications experience to our customers, and we will continue to work toward meeting their evolving communications needs.”
After the close of the merger, the combined company will be headquartered in Monroe, La., and will maintain a key operational presence in Denver. The two companies employ approximately 49,000 people nationwide today.
As of June 30, 2010, CenturyLink served approximately 2.3 million broadband customers, 6.8 million access lines and 594,000 video subscribers. As of June 30, 2010, Qwest served approximately 2.9 million broadband customers, 9.4 million access lines, 950,000 video subscribers and more than 980,000 wireless customers. The combination creates a robust, national 180,000 route mile fiber network, which enables delivery of a diverse mix of communications services and provides increased scale.