Not that I know anything about this specific instance but the story can be... complicated. For example, would you say CenturyLink acquired Level 3 or did Level 3 subsume CenturyLink?
If you read the news headline, you'd probably say CenturyLink bought Level 3.
> CenturyLink to acquire Level 3 for $34 billion
> Telecommunications company CenturyLink is upgrading its network with the acquisition of Internet backbone provider Level 3 Communications in a deal valued at $34 billion.
> In the cash and stock transaction, Level 3 shareholders will get $26.50 and 1.4286 shares of CenturyLink stock for each share of Level 3 stock. At $66.50 per Level 3 share, that represents a premium of about 42% over Level 3 closing share price of $46.92 on Oct. 26. Included debt brings the deal to $34 billion, the companies said.
> When the transaction closes, expected by the third quarter of 2017, CenturyLink shareholders will own about 51% of the combined company, with Level 3 shareholders owning about 49%.
However, the new CenturyLink/Lumen CEO is the Level 3 CEO.
> Jeffrey K. Storey (born May 12, 1960) is an American business executive whose career has focused on the telecommunications industry. He was the president and chief executive officer of Level 3 Communications between April 11, 2013, and the company's acquisition by CenturyLink in 2017, at which point he became president and COO of the combined company. He became CEO of CenturyLink on June 1, 2018.
